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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2025
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Derivatives Fair Value Assumptions
The table below presents the value of the 2026 Notes Conversion Option under the Binomial Lattice Model using the following assumptions as of the following dates:
June 30,
2025		December 31,
2024
Value of 2026 Notes Conversion Option
$2,468$322
Conversion price
$10.61$10.61
Common stock price$6.79$4.45
Expected option term (years)1.51.9
Expected volatility75.00%40.00%
Risk-free rate of return3.80%4.25%
Expected annual dividend yield—%—%
The table below presents the value of the 2029 Notes Conversion Option under the Binomial Lattice Model using the following assumptions as of the following dates:

June 30,
2025		December 31,
2024
Value of 2029 Notes Conversion Option ($ thousands)
$169,135$115,831
Conversion price
$3.55$3.55
Common stock price$6.79$4.45
Expected option term (years)4.55.0
Expected volatility75.00%37.60%
Risk-free rate of return3.70%4.30%
Expected annual dividend yield—%—%
The table below presents the value of the 2024 RDO warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
December 31
2024
Value of each 2024 RDO warrant
$3.73
Exercise price$3.78
Common stock price$4.45
Expected option term (years)4.7
Expected volatility120.00%
Risk-free rate of return4.31%
Expected annual dividend yield—%
The table below presents the value of the 2025 RDO warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
June 30,
2025		February 6,
2025
Value of each 2025 RDO warrant
$5.67$4.93
Exercise price$9.00$9.00
Common stock price$6.79$6.77
Expected option term (years)5.15.5
Expected volatility125.00%95.00%
Risk-free rate of return3.76%4.25%
Expected annual dividend yield—%—%
The table below presents the value of the 2024 PIPE warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
December 31,
2024
Value of each 2024 PIPE warrant
$3.64
Exercise price$4.75
Common stock price$4.45
Expected option term (years)4.7
Expected volatility120.00%
Risk-free rate of return4.32%
Expected annual dividend yield—%
The table below presents the value of the IPO private warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
June 30,
2025		December 31,
2024
Fair value of each IPO private warrant
$2.97$1.84 
Exercise price$11.50$11.50 
Common stock price$6.79$1.46 
Expected option term (in years)1.42.2
Expected volatility125.00%93.30%
Risk-free rate of return3.82%3.60%
Expected annual dividend yield—%—%
Schedule of Warrants Issued and Outstanding
The table below presents the Company’s IPO public warrants issued and outstanding as of the following periods:
June 30,
2025		December 31,
2024
IPO public warrants issued 12,251,606 12,168,378 
IPO public warrants outstanding12,251,606 12,168,378 
The table below presents the Company’s IPO private warrants issued and outstanding as of the following periods:
June 30,
2025		December 31,
2024
IPO private warrants issued74,166 157,394 
IPO private warrants outstanding74,166 157,394 
Schedule of Derivatives Change in Fair Value The following was recognized as a result of the change in fair value for the three and the six months ended June 30, 2025 and June 30, 2024 and is presented in net increase (decrease) in fair value of derivatives on the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gain (loss) on change in fair value of IPO private warrants
$151 $(35)$(69)$(35)