v3.25.2
Risks and Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
Risks and Fair Value  
Schedule of concentration of credit risk and of significant suppliers and customers

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2025

    

2024

    

2025

    

2024

Customer 1

40

%

42

%

41

%

46

%

Customer 2

26

24

26

22

Customer 3

10

12

9

12

As of

June 30, 

December 31, 

2025

2024

Customer 1

45

%

46

%

Customer 2

28

28

Customer 3

10

8

Schedule of change in fair value of derivative liabilities

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2025

    

2024

    

2025

    

2024

Change in the fair value of the Conversion Option Derivative Liability

$

$

$

$

2,598

Change in the fair value of Royalty Fee Derivative Liability

(172)

(2,454)

(778)

(9,689)

Barings Royalty Fee

(469)

(573)

(841)

(1,088)

Total

$

(641)

$

(3,027)

$

(1,619)

$

(8,179)

Schedule of assets and liabilities measured at fair Value on recurring basis

Fair Value Measurements as of

June 30, 2025 Using:

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Cash equivalents:

 

  

 

  

 

  

 

  

Money market funds

$

378,079

$

$

$

378,079

Liability:

Derivative liability

$

$

$

14,024

$

14,024

Fair Value Measurements as of

December 31, 2024 Using:

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Cash equivalents:

 

  

 

  

 

  

 

  

Money market funds

$

378,112

$

$

$

378,112

Liability:

 

  

 

  

 

  

 

  

Derivative liability

$

$

$

13,246

$

13,246

Royalty Fee Derivative Liability  
Risks and Fair Value  
Schedule of main inputs to valuing the Derivative Liability

As of

June 30, 

December 31, 

2025

2024

Revenue volatility

65.2

%

64.0

%

Revenue discount rate

15.4

%

16.0

%