v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Schedule of Significant Inputs to the Valuation Model

The significant inputs to the valuation model were as follows:

 

   June 30, 
   2025 
Interest rate volatility    8 - 21%
Risk free interest rate   3.84%
SOFR interest rate   4.36%
Discount rate    39 – 43%
Schedule of the Company’s Total Level 3 Liability Activity

The following table summarizes the Company’s total Level 3 liability activity for the six months ended June 30, 2025 (in thousands):

 

Fair value as of December 31, 2024  $16,067 
Initial measurement at time of issuance(1)   17,285 
Change in valuation inputs(2)   (4,427)
Fair value as of June 30, 2025  $28,925 

 

(1) The Company issued 6.2 million warrants on March 12, 2025, and 14.6 million warrants on May 2, 2025. See Note 11 – Warrant Liabilities.
   
(2) Changes in valuation inputs are recognized as the change in fair value – warrant liabilities in the unaudited condensed consolidated statement of operations.