Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Schedule of Debt

The tables below summarize the related party note payable agreements as of March 31, 2026 and December 31, 2025, providing details on contractual maturity dates, contractual interest rates, and net carrying values.

	March 31, 2026
(in thousands)	Contractual Maturity Date	Contractual Interest Rates	Net Carrying Value
Notes Payable — China	December 2028	—%	$	3,682
Notes Payable on Demand — China	Due on Demand	—%	435
Other Notes	Due on Demand	12.0%	75
			$	4,192
Related party notes payable, current			$	1,510
Related party notes payable, long-term			$	2,682

	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates		Net Carrying Value
Notes Payable — China	April 2027	18.0%	(1)	3,775
Notes Payable on Demand — China	Due on Demand	—%		429
Other Notes	Due on Demand	12.0%		75
				$	4,279
Related party notes payable, current				$	3,507
Related party notes payable, long-term				$	772
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(1) The restructured loan bears no stated interest, and the repayment schedule requires fixed installment payments through the contractual maturity date. If the Company fails to comply with the payment schedule, interest at a rate of 18.0% would be retroactively applied to the unpaid balance. During the term of the revised loan, the Company was not in default with respect to the payment schedule, and no contingent interest has been recorded as of December 31, 2025.

Schedule of Related Party Debt Rollforward

The following table presents a roll forward of the Company’s notes payable balances from December 31, 2025 to March 31, 2026 with related parties. It summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.

	Categories of Related Party Debt
(in thousands)	Notes Payable — China		Notes Payable on Demand — China		Other Notes		Total
Balance as of December 31, 2025 (a)	$	3,775	$	429	$	75	$	4,279
Repayment of Debt (b)	(145)		—		—		(145)
Other Adjustments (c)	52		6		—		58
Balance as of March 31, 2026 (d)	$	3,682	$	435	$	75	$	4,192

(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2025.

(b) Cash repayments of principal amounts during the period.

(c) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.

(d) The carrying value for each note category, fair value or amortized cost depending on the election, as of March 31, 2026.

The following table presents a roll forward of the Company’s Related party notes payable balances from December 31, 2024 to March 31, 2025. It summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.

	Categories of Related Party Debt
(in thousands)	March 2025 Unsecured SPA Notes		Unsecured SPA Notes		Notes Payable — China		Notes Payable on Demand — China		Convertible FFGP Note		FFGP Note		Other Notes		Total
Balance as of December 31, 2024 (a)	$	—	$	1,364	$	4,382	$	417	$	250	$	1,576	$	75	$	8,064
New Issuances (b)	152		470		—		—		—		—		—		622
Repayment of Debt, including periodic interest on debt carried at fair value (c)	—		—		(124)		—		—		—		—		(124)
Conversion of Debt to Equity (d)	—		(727)		—		—		—		—		—		(727)
Fair Value Adjustments of Debt (e)	(9)		(656)		—		—		—		—		—		(665)
Other Adjustments (f)	—		—		(43)		(4)		—		—		—		(47)
Balance as of March 31, 2025 (g)	$	143	$	451	$	4,215	$	413	$	250	$	1,576	$	75	$	7,123

(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023".

(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts. For notes measured at fair value, the aggregate fair value adjustment recognized at issuance reduced the principal amount of notes issued during the period by $1,252 thousand. This reduction reflects the allocation of total transaction proceeds between the SPA Notes and the related SPA Warrants and Incremental Warrants issued as part of the bundled transaction.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.

(e) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' in the Unaudited Condensed Consolidated Statements of Operations. Line item 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' also includes debt issuance costs of $75 thousand, which are separately identifiable from the fair value adjustments noted above

(f) Miscellaneous changes not captured in other columns, such as currency adjustments.

(g) The carrying value for each note category, fair value or amortized cost depending on the election, as of March 31, 2025.

Schedule of Notes Payable

The tables below summarize these agreements as of March 31, 2026 and December 31, 2025, providing details on contractual maturity dates, contractual interest rates, unpaid principal balances, fair value adjustments, original issue discounts, including proceeds allocated to warrants, and net carrying values.

On September 29, 2025, the Company obtained control of AIXC. Accordingly, AIXC’s assets and liabilities, including its outstanding debt instruments, have been consolidated as of September 29, 2025. The inclusion of AIXC’s debt in the consolidated balances below reflects the fair value of such obligations recognized upon initial consolidation.

Most of the Company’s notes payable are accounted for under the fair value option in accordance with ASC 825, with changes in fair value recorded in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. For instruments measured at fair value, no effective interest rate is presented, as changes in fair value capture all economic returns associated with these debt instruments. Although the stated interest rates on the SPA Portfolio Notes are 10% or 15%, the Company’s effective cost of capital is substantially higher. Each SPA Portfolio Note permits the holder to settle in shares at a value exceeding the stated principal and accrued interest. In addition, each noteholder receives an SPA Portfolio Warrant, and certain holders receive an Incremental Warrant. These settlement features and additional instruments have significant value and materially increase the effective cost of capital above the stated rates. Further, these instruments carry high interest rate structures and embedded economics that can result in a loss on issuance. The financial impact of the SPA Portfolio Notes is reflected in the change in fair value and loss on extinguishment line items in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.

	March 31, 2026
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
2023 Unsecured SPA Notes	Various through March 2032	10	%	-	15%	$	4,753	$	78	$	(475)	$	4,356
Junior Secured SPA Notes	Various through December 2030	10%				7,107		156		—		7,263
2024 Unsecured SPA Notes	July 2030	10%				33		7		—		40
2025 March Unsecured SPA Notes	Various through March 2031	10%				8,538		(2,393)		(2,703)		3,442
2025 July Unsecured SPA Notes	August 2030	10%				29,193		(422)		(5,993)		22,778
Unsecured Convertible Notes	Various dates in 2026	4.27%				5,500		(1,361)		—		4,139
Notes payable – China other	Due on Demand	—%				4,349		—		—		4,349
						$	59,473	$	(3,935)	$	(9,171)	$	46,367
Notes payable, current portion												$	4,349
Notes payable, long-term portion												$	42,018

	December 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates			Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
2023 Unsecured SPA Notes	Various through November 2031	10%	-	15%	8,100		(622)		(810)		6,668
Junior Secured SPA Notes	Various through December 2030	10%			12,107		(705)		—		11,402
2024 Unsecured SPA Notes	Various through December 2030	10%			6,070		(252)		—		5,818
2025 March Unsecured SPA Notes	Various dates in 2030	10%			5,508		(1,096)		(2,304)		2,108
2025 July Unsecured SPA Notes	August 2030	10%			37,592		(3,079)		(7,717)		26,796
Unsecured Convertible Notes	June 2026	4.27%			5,000		(1,558)		—		3,442
Notes payable – China other	Due on Demand	—%			4,290		—		—		4,290
2025 Convertible Note - AICX	January 2026	—%			132		32		(22)		142
					$	78,799	$	(7,280)	$	(10,853)	$	60,666
Notes payable, current portion											$	4,432
Notes payable, long-term portion											$	56,234

The future scheduled principal maturities of Related party notes payable as of March 31, 2026, are as follows:

(in thousands)
Years Ending December 31,	Amount
Due on demand	$	510
2026	783
2027	1,160
2028	1,739
	$	4,192