Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy:

	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	28,864
Derivative call options	$	—	$	—	$	29,709
Notes payable1	$	—	$	—	$	46,628

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	306
Notes payable1	—		—		86,712

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity of Level 3 fair value measurements:

(in thousands)	Warrant Liabilities1		Derivative Call Option		Notes Payable1
Balance as of December 31, 2023	$	306	$	—	$	86,712
Additions	34,441		14,267		58,789
Debt extinguishments	—		—		2,699
Change in fair value measurements	(5,723)		15,442		(34,460)
Reclassification of liability classified warrants to equity	(160)		—		—
Conversions of notes to Class A Common Stock	—		—		(67,112)
Balance as of December 31, 2024	$	28,864	$	29,709	$	46,628

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.