XML 42 R30.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Assets
Money market funds$32,527 $— $— $32,527 
U.S. Treasury securities
— 114,284 — 114,284 
Total assets measured at fair value$32,527 $114,284 $— $146,811 
Liabilities
Common stock warrants
2026 PIPE Warrants$— $— $35,818 $35,818 
2025 PIPE Warrants— — 42,912 42,912 
NRA Warrants— — 19,004 19,004 
Second lien loan— — 12,025 12,025 
Total liabilities measured at fair value$— $— $109,759 $109,759 
December 31, 2025
Level 1Level 2Level 3Total
Assets
Money market funds$33,320 $— $— $33,320 
U.S. Treasury securities— 69,908 — 69,908 
Total assets measured at fair value$33,320 $69,908 $— $103,228 
Liabilities
Common stock warrants
2025 PIPE Warrants$— $— $110,881 $110,881 
NRA Warrants— — 47,465 47,465 
Second lien loan— — 10,872 10,872 
Total liabilities measured at fair value$— $— $169,218 $169,218 
Schedule of Changes in Estimated Fair Values of Liabilities
The following table summarizes changes in the estimated fair values of these liabilities (in thousands):
2026 PIPE Warrants2025 PIPE WarrantsNRA WarrantsSecond Lien Loans
Balance as of December 31, 2025$— $110,881 $47,465 $10,872 
Issuance during the period62,326 — — — 
Fair value remeasurement(26,508)(67,969)(28,461)1,153 
Balance as of June 30, 2026$35,818 $42,912 $19,004 $12,025 
SAFE1
Legacy Kodiak Redeemable
Convertible Preferred Stock Warrants1
Second Lien Loans
Balance as of December 31, 2024$59,301 $1,619 $— 
Issuance during the period23,660 — 29,740 
Exchange of SAFE for second lien loan(10,000)— 10,000 
Fair value remeasurement192,548 1,298 2,154 
Balance as of June 30, 2025$265,509 $2,917 $41,894 
____________________
1 In connection with the Closing, these instruments were fully converted, exercised, or assumed and reclassified to equity (see Note 3). Accordingly, there were no outstanding balances as of June 30, 2026 and December 31, 2025.