v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Schedule of Liabilities Subject to Fair Value Measurements

Liabilities subject to fair value measurements that are valued on a recurring basis are as follows:

 

 

As of June 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Earnout Shares liability

 

$

—

 

 

$

—

 

 

$

5,416,000

 

 

$

5,416,000

 

Subject Vesting Shares liability

 

 

—

 

 

 

—

 

 

 

1,411,000

 

 

 

1,411,000

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

6,827,000

 

 

$

6,827,000

 
Schedule of Estimated Fair Value Earnout Shares See the following summary of key inputs:

 

 

As of
June 30,
2025

 

 

As of
December 31,
2024

 

Stock Price

 

$

4.63

 

 

$

7.97

 

Volatility

 

 

38

%

 

 

40

%

Risk free rate of return

 

 

3.70

%

 

 

4.30

%

Discount rate

 

 

25

%

 

 

25

%

Expected term (in years)

 

 

3.7

 

 

 

4.2

 
Schedule of Earnout Share Liability

The following table presents the changes in the fair value of the Earnout Shares liability:

 

 

Six Months Ended
June 30,
2025

 

Earnout Shares liability as of December 31, 2024

 

$

24,524,000

 

Change in fair value

 

 

(12,832,000

)

Balance as of March 31, 2025

 

 

11,692,000

 

Change in fair value

 

 

(6,276,000

)

Balance as of June 30, 2025

 

$

5,416,000

 
Schedule of Vesting Shares Liability

The following table presents the changes in the fair value of the Subject Vesting Shares liability:

 

 

Six Months Ended
June 30,
2025

 

Earnout Shares liability as of December 31, 2024

 

$

7,819,000

 

Change in fair value

 

 

(5,474,000

)

Balance as of March 31, 2025

 

 

2,345,000

 

Change in fair value

 

 

(934,000

)

Balance as of June 30, 2025

 

$

1,411,000