Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Summary of significant inputs as of the valuation dates

	September 30,				January 7
	2025				2025
		Series A		Series B		Series A		Series B
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Stock Price	$	0.81	$	0.81	$	15.91	$	15.91
Exercise Price		8.06		8.06		45.00		45.00
Expected volatility		151.00%		203.00%		99.00%		130.00%
Risk-free interest rate		3.70%		3.60%		4.36%		4.22%
Expected life (in years)		4.27		1.77		5.00		2.50
Expected dividend yield		—		—		—		—

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):

		Convertible Notes		Warrant Liabilities		Contingent Consideration		Embedded Forward Purchase Agreement and Make Whole Derivative
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Balance, January 1, 2025	$	11,689	$	1,187	$	3,541	$	—
Issuance of convertible notes		—		—		—		—
Issuance of warrants		—		93,986		—		—
Change in fair value		5,362		(85,950)		(3,509)		—
Warrant cashless exercise		—		(6,885)		—		—
Termination of forward purchase agreements		—		—		—		—
Balance, September 30, 2025	$	17,051	$	2,338	$	32	$	—
Balance, January 1, 2024	$	—	$	1,447	$	104,350	$	41,043
Issuance of convertible notes		15,000		—		—		—
Change in fair value		170		15,376		(97,464)		(399)
Warrant cashless exercise		—		(14,979)		—		—
Termination of forward purchase agreements		—		—		—		(40,380)
Balance, September 30, 2024	$	15,170	$	1,844	$	6,886	$	264

Public and private warrants

Fair Value Measurements

Summary of the Company's issued and outstanding public warrants

	Public	Private
Issued and Outstanding, January 1, 2025	—	55,403
Number of warrants issued	—	—
Number of warrants exercised	—	—
Number of warrants cancelled	—	—
Issued and Outstanding, September 30, 2025	—	55,403
Issued and Outstanding, January 1, 2024	127,778	73,334
Number of warrants exercised	(124,897)	(17,931)
Number of warrants cancelled	(2,881)	—
Issued and Outstanding, September 30, 2024	—	55,403

Series A and B warrants

Fair Value Measurements

Summary of activity for the Company's issued and outstanding warrants

	Series A	Series B
Issued and Outstanding, January 1, 2025	—	—
Number of warrants issued	3,565,245	3,565,245
Number of warrants exercised	—	(3,438,095)
Issued and Outstanding, September 30, 2025	3,565,245	127,150