XML 31 R20.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements  
Summary of significant inputs as of the valuation dates

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June 30, 

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January 7

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2025

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2025

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Series A

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Series B

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Series A

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Series B

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(Level 3)

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(Level 3)

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(Level 3)

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(Level 3)

Stock Price

$

0.76

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$

0.76

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$

15.91

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$

15.91

Exercise Price

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8.06

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8.06

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45.00

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45.00

Expected volatility

 

143.00%

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240.00%

 

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99.00%

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130.00%

Risk-free interest rate

 

3.80%

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3.70%

 

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4.36%

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4.22%

Expected life (in years)

 

4.52

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2.02

 

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5.00

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2.50

Expected dividend yield

 

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Summary of recurring measurements for assets and liabilities at fair value

The following details the Company’s recurring measurements for assets and liabilities at fair value (in thousands):

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Convertible Notes

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Warrant Liabilities

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Contingent Consideration

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Embedded Forward Purchase Agreement and Make Whole Derivative

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(Level 3)

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(Level 3)

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(Level 3)

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(Level 3)

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Balance, January 1, 2025

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$

11,689

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$

1,187

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$

3,541

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$

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Issuance of convertible notes

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—

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Issuance of warrants

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93,986

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—

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—

Change in fair value

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3,485

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(86,187)

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(3,472)

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—

Warrant cashless exercise

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—

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(6,865)

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—

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Termination of forward purchase agreements

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Balance, June 30, 2025

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$

15,174

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$

2,121

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$

69

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$

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Balance, January 1, 2024

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$

—

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$

1,447

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$

104,350

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$

41,043

Issuance of convertible notes

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15,000

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—

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—

Change in fair value

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(1,708)

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14,999

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(97,464)

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(318)

Warrant cashless exercise

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(14,979)

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Termination of forward purchase agreements

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(40,380)

Balance, June 30, 2024

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$

13,292

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$

1,467

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$

6,886

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$

345

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Public and private warrants  
Fair Value Measurements  
Summary of the Company's issued and outstanding public warrants

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Public

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Private

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Issued and Outstanding, January 1, 2025

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55,403

Number of warrants issued

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Number of warrants exercised

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—

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Number of warrants cancelled

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—

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Issued and Outstanding, June 30, 2025

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55,403

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Issued and Outstanding, January 1, 2024

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127,778

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73,334

Number of warrants exercised

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(124,897)

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(17,931)

Number of warrants cancelled

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(2,881)

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Issued and Outstanding, June 30, 2024

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55,403

Series A and B warrants  
Fair Value Measurements  
Summary of activity for the Company's issued and outstanding warrants

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Series A

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Series B

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Issued and Outstanding, January 1, 2025

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Number of warrants issued

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3,565,245

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3,565,245

Number of warrants exercised

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(3,438,095)

Issued and Outstanding, June 30, 2025

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3,565,245

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127,150