v3.25.2
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Measured or disclosed at fair value on a recurring basis
The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, warrant liability and Convertible Loan at fair value on a recurring basis. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Convertible Loan are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date. See Note 14 – Convertible Loan measured at fair value for disclosure of valuation model utilized in measuring the fair value of Convertible Loan.
As of June 30, 2025 and December 31, 2024, information about inputs for the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:
Fair Value Measurement as of June 30, 2025
Quoted Prices in Active Market
for Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$99,721 — — $99,721 
Restricted cash39,099 — — 39,099 
Total financial asset$138,820 — — $138,820 
Warrant liability$— — 434 $434 
Convertible loan measured at fair value— — 181,475 181,475 
Total financial liability$— — 181,909 $181,909 
Measured or disclosed at fair value on a recurring basis - continued

Fair Value Measurement as of December 31, 2024
Quoted Prices in Active Market
for Identical Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$73,007 — — $73,007 
Restricted cash36,594 — — 36,594 
Total financial asset$109,601 — — $109,601 
Warrant liability$— — 290 $290 
Convertible loan measured at fair value— — 104,613 104,613 
Total financial liability$— — 104,903 $104,903 
The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the six months ended June 30, 2025 and 2024:
Six Months Ended June 30,
20252024
Balance at beginning of the period$290 $67 
Changes in fair value144 (64)
Balance at end of the period$434 $3 
The following is a reconciliation of the beginning and ending balances for Level 3 Convertible Loan during the six months ended June 30, 2025:
Six Months Ended June 30,
20252024
Balance at beginning of the period$104,613 $— 
Issuance of convertible loan
— 11,723 
Interest paid during the period(1,355)— 
Changes in fair value78,217 1,590 
Balance at end of the period$181,475 $13,313 
Measured or disclosed at fair value on a nonrecurring basis
The Company’s assets measured at fair value on a nonrecurring basis include long-lived assets. The Company reviews the carrying amounts of such assets when events indicate that their carrying amounts may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The fair value of the asset or asset group is determined using cost approach, sales comparison approach and income capitalization approach with unobservable inputs (Level 3), depending on the underlying nature of the asset or the asset group.