Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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, December 31, 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, December 31, 2024	—	55,403

Summary of significant inputs as of the valuation dates

	December 31,				January 7
	2025				2025
		Series A		Series B		Series A		Series B
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Stock Price	$	1.10	$	1.10	$	15.91	$	15.91
Exercise Price		8.06		8.06		45.00		45.00
Expected volatility		160.00%		200.00%		99.00%		130.00%
Risk-free interest rate		3.60%		3.50%		4.36%		4.22%
Expected life (in years)		4.02		1.52		5.00		2.50
Expected dividend yield		—		—		—		—

Schedule of issued and outstanding Series A and Series B 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	—	(3,502,982)
Issued and Outstanding, December 31, 2025	3,565,245	62,263

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 on the consolidated balance sheets as of December 31, 2025 (in thousands):

		Convertible Notes		Warrant Liabilities		Contingent Consideration		Derivative Liability
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Balance, January 1, 2025	$	11,689	$	1,187	$	3,541	$	—
Issuance of derivative liability		—		—		—		12,438
Issuance of warrants		—		94,064		—		—
Change in fair value		22,911		(84,934)		(3,499)		2,441
Warrant cashless exercise		—		(7,041)		—		—
Termination of forward purchase agreements		—		—		—		—
Balance, December 31, 2025	$	34,600	$	3,276	$	42	$	14,879

The following details the Company’s recurring measurements for assets and liabilities at fair value on the consolidated balance sheets as of December 31, 2024 (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, 2024	$	—	$	1,447	$	104,350	$	41,043
Issuance of convertible notes		15,000		—		—		—
Change in fair value		(3,311)		14,719		(100,809)		(663)
Warrant cashless exercise		—		(14,979)		—		—
Termination of forward purchase agreements		—		—		—		(40,380)
Balance, December 31, 2024	$	11,689	$	1,187	$	3,541	$	—