Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value

Schedule of financial assets and liabilities measured at fair value

	Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2026
Cash and Cash Equivalents - Money Market Funds	$	134	$	—	$	—	$	134
Cash and Cash Equivalents – Available-for-sale debt securities with fair value option election		—		27,898		—		27,898
Short term investments – Available-for-sale debt securities with fair value option election		—		112,361		—		112,361
Private Placement Warrants		—		—		29,737		29,737
Derivative Liability - Conversion Option	$	—	$	—	$	106,659	$	106,659
December 31, 2025
Cash and Cash Equivalents - Money Market Funds	$	1,878	$	—	$	—	$	1,878
Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election		—		39,896		—		39,896
Short term investments - Available-for-sale debt securities with fair value option election		—		107,381		—		107,381
Private Placement Warrants		—		—		33,167		33,167
Derivative Liability - Conversion Option	$	—	$	—	$	115,834	$	115,834

Schedule of fair value analysis of warrants, valuation assumptions

	March 31, 2026			December 31, 2025
	Values			Values
Stock price	$	16.02		$	16.64
Strike Price	$	11.50		$	11.50
Holding Period/Term (years)		0.58			0.82
Volatility		113.60	%		104.50	%
Expected dividends		None			None
Risk-free rate		3.71	%		3.52	%
Fair value of warrants	$	7.37		$	8.22

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

	(in thousands)
Balance as of December 31, 2025	$	33,167
Fair value adjustment of Private Placement Warrants		(3,430)
Balance as of March 31, 2026	$	29,737

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

	March 31,			December 31,
	2026			2025
Stock price volatility (transaction calibrated)		35.0	%		35.0	%
Holding Period/Term (years)		2.3			2.5
Stock price	$	16.02		$	16.64
Risk-free interest rate		3.8	%		3.5	%
Credit rate		CCC-			CCC-
Debt yield (transaction-calibrated)		14.2	%		12.6	%

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

	(in thousands)
Balance as of December 31, 2025	$	115,834
Fair value adjustment of derivative liability		(9,175)
Balance as of March 31, 2026	$	106,659