Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

We account for certain liabilities at fair value and classify these liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). There were no assets measured at fair value as of September 30, 2025 and December 31, 2024.

Liabilities subject to fair value measurements are as follows:

	As of September 30, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative warrant liabilities – public	$	22,430	$	-	$	-	$	22,430
Derivative warrant liabilities – private placement		12,610		-		-		12,610
Total liabilities	$	35,040	$	-	$	-	$	35,040

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative warrant liabilities – public	$	17,250	$	-	$	-	$	17,250
Derivative warrant liabilities – private placement		9,700		-		-		9,700
Total liabilities	$	26,950	$	-	$	-	$	26,950

Warrant liabilities

The public warrants are separately listed and traded in an active market, the public warrants have been measured at fair value utilizing their listed trading price. The estimated fair value of private placement warrants as of September 30, 2025 and December 31, 2024 was based on the fair value of the public warrants.

For the three and nine months ended September 30, 2025, the Company recognized expense from an increase in the fair value of liabilities of $16,170 and $8,090, respectively, presented as a change in fair value of derivative warrant liabilities in the accompanying condensed unaudited consolidated statements of operations.