Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value

Schedule of financial assets and liabilities measured at fair value

	Level 1		Level 2		Level 3		Total
	(in thousands)
June 30, 2025
Cash and Cash Equivalents - Money Market Funds	$	604	$	—	$	—	$	604
Cash and Cash Equivalents – Available-for-sale debt securities with fair value option election		—		55,361		—		55,361
Short term investments – Available-for-sale debt securities with fair value option election		—		117,186		—		117,186
Private Placement Warrants		—		—		30,261		30,261
Derivative Liability - Conversion Option		—		—		93,831		93,831
December 31, 2024
Cash and Cash Equivalents - Money Market Funds	$	151	$	—	$	—	$	151
Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election		—		34,485		—		34,485
Short term investments - Available-for-sale debt securities with fair value option election		—		40,785		—		40,785
Private Placement Warrants	$	—	$	—	$	28,707	$	28,707

Schedule of fair value analysis of warrants, valuation assumptions

	June 30, 2025			December 31, 2024
	Values			Values
Stock price	$	15.20		$	15.56
Strike price	$	11.50		$	11.50
Holding Period/Term (years)		1.33			1.82
Volatility		89.75	%		55.90	%
Expected dividends		None			None
Risk-free rate		3.88	%		4.23	%
Fair value of warrants	$	7.50		$	6.77

Schedule of reconciliation of warrant liabilities measured at fair value using significant unobservable inputs

	(in thousands)
Balance as of December 31, 2024	$	28,707
Fair value adjustment of Private Placement Warrants		2,795
Reclassification of warrant liability to common stock warrants		(1,241)
Balance as of June 30, 2025	$	30,261

Schedule of fair value analysis of derivative liability related to the conversion option, valuation assumptions

	March 12,			June 30,
	2025			2025
Stock price volatility (transaction calibrated)		20.4	%		27.5	%
Expected term		3.3	years		3.0	years
Stock price	$	10.27		$	15.20
Risk-free interest rate		4.0	%		3.6	%
Credit rate		CCC-			CCC-
Debt yield (transaction-calibrated)		12.7	%		12.8	%

Schedule of reconciliation of conversion option derivative liabilities measured at fair value using significant unobservable inputs

	(in thousands)
Balance as of December 31, 2024	$	—
Initial recognition of derivative liability		31,999
Loss (gain) in fair value*		61,832
Balance as of June 30, 2025	$	93,831

* Includes $6.7 million change in estimate related to initial recognition of derivative liability.