v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis
The following table presents the financial assets measured on a recurring basis by contractual maturity, including pricing category, amortized cost, gross unrealized gains and losses, and fair value. The Company has no Level 1 and Level 2 financial liabilities measured on a recurring basis.
December 31, 2025
December 31, 2024
Pricing CategoryAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(In thousands)
Money market fundsLevel 1$353,841 $— $— $353,841 $15,709 $— $— $15,709 
The following table presents the Level 3 financial liabilities measured on a recurring basis. The Company has no Level 3 financial assets measured on a recurring basis.
December 31,
20252024
(In thousands)
Liabilities:
Derivative liability$— $1,164 
Earnout liabilities108,671 — 
Warrant liabilities19,534 — 
Total liabilities$128,205 $1,164 
Schedule of Fair Value of Measurement Inputs
The following table summarizes the significant inputs to value the derivative liability.
February 26,
2025 (1)
December 31,
2024
Class C-1 unit price n/a $1.47
Class A common unit price$2.16 n/a
Expected volatility
55.0% - 59.1%
55.0% - 59.1%
Risk-free rate
4.20% - 4.34%
4.20% - 4.34%
Credit risk spread0.290.29
Remaining term (in years)
0.2 - 0.57
0.2 - 0.57
(1)The Hatch Note was settled on February 26, 2025, and therefore, no further remeasurement was performed after the settlement date.
The following table summarizes the significant inputs to value the Earnout Shares liability.
December 31,
2025
Share price$11.90
Expected volatility70.1%
Risk-free interest rate3.70%
Remaining term (in years)5.2
The following table summarizes the significant inputs to value the Series A Investor Warrants liability.
December 31,
2025
Share price$11.90
Exercise price (1)
$7.00
Expected volatility67.3%
Risk-free rate3.6%
Dividend yield—%
Put term (in years)4.2
(1)On May 2, 2025, the exercise price of this warrant was reset from $12.00 to $7.00.
The following table summarizes the significant inputs to value the Common Stock warrants liability at issuance. Upon exercise, the Company recognized the fair value based upon the intrinsic value at the time of exercise.
May 2,
2025
Share price$10.31
Exercise price$7.00
Expected volatility140.0%
Risk-free rate4.2%
Dividend yield—%
Put term (in years)
5.4
The assumptions used in determining the fair value of incentive units are as follows. The Company did not grant any incentive units in fiscal year 2025.
Year Ended December 31, 2024
Expected volatility67.1%
Expected dividends—
Risk-free interest rate
4.2% - 4.3%
Remaining term (in years)
1 - 5 Years
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the reconciliation of the derivative liability measured at fair value on a recurring basis.
Year Ended December 31,
20252024
(In thousands)
Beginning balance$1,164 $420 
Change in estimated fair value (1)
(716)744 
Settlement of the Note upon conversion(448)— 
Ending balance$— $1,164 
(1)Change in estimated fair value is recognized in Loss on fair market value of financial instruments, net in the Consolidated Statements of Operations and Comprehensive Loss.
The following table presents the reconciliation of the Earnout Shares liability measured at fair value on a recurring basis. See Note 2, “Merger Transaction and Acquisition - IPXX Business Combination Agreement,” for additional information regarding the Earnout Shares liability.
December 31,
20252024
(In thousands)
Beginning balance$— $— 
Establishment of liability at March 13, 202599,639 — 
Change in estimated fair value (1)
9,032 — 
Ending balance$108,671 $— 
(1)Change in estimated fair value is recognized in Loss on fair market value of financial instruments, net in the Consolidated Statements of Operations and Comprehensive Loss.
The following table presents the reconciliation of the Series A Investor Warrants liability measured at fair value on a recurring basis.
December 31,
20252024
(In thousands)
Beginning balance$— $— 
Establishment of liability at March 13, 202540,652 — 
Change in estimated fair value (1)
37,549 — 
Warrant exercises
(58,667)— 
Ending balance$19,534 $— 
(1)Change in estimated fair value is recognized in Loss on fair market value of financial instruments, net in the Consolidated Statements of Operations and Comprehensive Loss.
The following table presents the reconciliation of the Common Stock warrants liability measured at fair value on a recurring basis.
December 31,
20252024
(In thousands)
Beginning balance$— $— 
Establishment of liability at May 2, 202584,807 — 
Change in estimated fair value (1)
58,138 — 
Warrant exercises
(142,945)— 
Ending balance$— $— 
(1)Change in estimated fair value is recognized in Loss on fair market value of financial instruments, net in the Consolidated Statements of Operations and Comprehensive Loss.
The following table presents the reconciliation of the Prefunded warrants liability measured at fair value on a recurring basis.
December 31,
20252024
(In thousands)
Beginning balance$— $— 
Establishment of liability at May 2, 202522,309 — 
Change in estimated fair value (1)
1,396 — 
Warrant exercises(23,705)— 
Ending balance$— $— 
(1)Change in estimated fair value is recognized in Loss on fair market value of financial instruments, net in the Consolidated Statements of Operations and Comprehensive Loss.