Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The Company’s financial instruments may consist of Level 1, Level 2, or Level 3 valuations. As of December 31, 2025 and 2024, the Company’s cash equivalents of $4,241 and cash and cash equivalents of $4,362, respectively, were Level 1 assets and included savings deposits, overnight investments, and other liquid funds with financial institutions.

The Company’s Term Debt (as described below) is carried at amortized cost, with a carrying value of $97,578 and $110,436 as of December 31, 2025 and 2024, respectively. The carrying value of the Company's long-term debt with fixed interest rates approximates fair value based on instruments with similar terms (Level 2), as of December 31, 2025. The Simplify Loan (as described below in note 16) was carried at amortized cost in 2024, and had a carrying value of $10,651 as of December 31, 2024.

Fexy Put Option – The Company accounted for certain common stock issued in connection with the acquisition of Fexy Studios on January 11, 2023 that was subject to a put option (which provided for a cash payment to the sellers on the first anniversary date of the closing (or January 11, 2024) in the event the common stock trading price on such date was less

than the common stock trading price on the day immediately preceding the acquisition date, or $8.10 per share), as a derivative liability.

During the year ended December 31, 2024, the Company paid the Fexy Put Option and recorded the repurchase of 274,692 shares of the Company’s common stock issued in connection with the acquisition, resulting in a loss of $379 as reflected on the consolidated statement of stockholders’ deficiency.