| Schedule of fair value hierarchy used to measure financial assets and liabilities |
The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of June 30, 2025 and December 31, 2024, respectively (in thousands): | | | | | | | | | | | | June 30, 2025 | | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 23,697 | | $ | — | | $ | — | Short-term investments: | | | | | | | | | | U.S. treasury securities | | | 58,135 | | | 310,421 | | | — | Long-term investments: | | | | | | | | | | U.S. treasury securities | | | — | | | 145,903 | | | — | Total Assets | | $ | 81,832 | | $ | 456,324 | | $ | — | Liabilities: | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 48,680 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 11,436 | Earn-out liabilities | | | — | | | — | | | 6,371 | Total Liabilities | | $ | 48,680 | | $ | — | | $ | 17,807 |
| | | | | | | | | | | | December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 29,806 | | $ | — | | $ | — | U.S. treasury security | | | — | | | 24,835 | | | — | Short-term investments: | | | | | | | | | | U.S. treasury securities | | | — | | | 124,420 | | | — | Long-term investments: | | | | | | | | | | U.S. treasury security | | | — | | | 25,068 | | | — | Total Assets | | $ | 29,806 | | $ | 174,323 | | $ | — | Liabilities: | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 70,265 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 22,830 | Earn-out liabilities | | | — | | | — | | | 45,897 | Total Liabilities | | $ | 70,265 | | $ | — | | $ | 68,727 |
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| Schedule of changes in the fair value of Level 3 financial instruments |
A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the six months ended June 30, 2025, and June 30, 2024 is as follows (in thousands): | | | | | | | | | Derivative | | | | | Warrant Liability - | | Earn-out | | | Private Warrants | | Liabilities | Balance – December 31, 2024 | | $ | 22,830 | | $ | 45,897 | Change in fair value - three months ended March 31, 2025 | | | (7,760) | | | (8,837) | Vesting of Promote Sponsor Vesting Shares | | | — | | | (32,946) | Transfer of Private Warrants to Public Warrants - three months ended March 31, 2025 | | | (7,316) | | | — | Change in fair value - three months ended June 30, 2025 | | | 3,906 | | | 2,257 | Transfer of Private Warrants to Public Warrants - three months ended June 30, 2025 | | | (224) | | | — | Balance – June 30, 2025 | | $ | 11,436 | | $ | 6,371 | | | | | | | | Balance – December 31, 2023 | | $ | 1,604 | | $ | 2,155 | Change in fair value - three months ended March 31, 2024 | | | 1,505 | | | 1,621 | Change in fair value - three months ended June 30, 2024 | | | (1,145) | | | (1,315) | Balance – June 30, 2024 | | $ | 1,964 | | $ | 2,461 |
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