Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents, and restricted cash:
Money market funds	$	149,927	$	—	$	—	$	149,927
Liabilities
Warrant liability — Private Placement Warrants	$	—	$	—	$	1	$	1

	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents, and restricted cash:
Money market funds	$	284,462	$	—	$	—	$	284,462
Liabilities
Warrant liability — Private Placement Warrants	$	—	$	—	$	488	$	488

Money Market Funds

The Company’s investment in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices in active markets for identical assets, when available, or pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The Company reviews security pricing and assesses liquidity on a quarterly basis. As of December 31, 2025, the Company’s U.S. portfolio had no material exposure to money market funds with a fluctuating net asset value.

Private Placement Warrants

As of December 31, 2025 and 2024, the Company had approximately 7 million Private Placement Warrants outstanding for which the fair value was determined using a Monte Carlo simulation model because these warrants are not subject to redemption if the reference value of the common stock, as defined, is between $10.00 and $18.00 per share. The warrants will expire in May 2026.

Long-Term Debt

As of December 31, 2025 and December 31, 2024, the estimated fair value of the Notes were $383.1 million (compared to a carrying amount of $374.5 million) and $446.2 million (compared to a carrying amount of $557.7 million), respectively. The estimated fair value of the Notes was determined based on the actual bid price of the Notes on December 31, 2025 and December 31, 2024, and are classified as Level 2 within the fair value hierarchy.