Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value

Schedule of financial assets and liabilities measured at fair value

	Level 1		Level 2		Level 3		Total
	(in thousands)
September 30, 2025
Cash and Cash Equivalents - Money Market Funds	$	1,158	$	—	$	—	$	1,158
Cash and Cash Equivalents – Available-for-sale debt securities with fair value option election		—		86,207		—		86,207
Short term investments – Available-for-sale debt securities with fair value option election		—		77,583		—		77,583
Private Placement Warrants		—		—		25,460		25,460
Derivative Liability - Conversion Option		—		—		75,057		75,057
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

	September 30, 2025			December 31, 2024
	Values			Values
Stock price	$	14.30		$	15.56
Strike Price	$	11.50		$	11.50
Holding Period/Term (years)		1.07			1.82
Volatility		89.65	%		55.90	%
Expected dividends		None			None
Risk-free rate		3.67	%		4.23	%
Fair value of warrants	$	6.31		$	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		(2,006)
Reclassification of warrant liability to common stock warrants		(1,241)
Balance as of September 30, 2025	$	25,460

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

	September 30,			March 12,
	2025			2025
Stock price volatility (transaction calibrated)		27.5	%		20.4	%
Expected term		2.7	years		3.3	years
Stock price	$	14.30		$	10.27
Risk-free interest rate		3.6	%		4.0	%
Credit rate		CCC-			CCC-
Debt yield (transaction-calibrated)		11.9	%		12.7	%

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
Fair value adjustment of derivative liability*		43,058
Balance as of September 30, 2025	$	75,057

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