v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Summary of the company's issued and outstanding public warrants

Public

Private

Issued and Outstanding, January 1, 2025

55,403

Number of warrants issued

Number of warrants exercised

Number of warrants cancelled

Issued and Outstanding, December 31, 2025

55,403

Issued and Outstanding, January 1, 2024

127,778

73,334

Number of warrants exercised

(124,897)

(17,931)

Number of warrants cancelled

(2,881)

Issued and Outstanding, December 31, 2024

55,403

Summary of significant inputs as of the valuation dates

December 31, 

January 7

2025

2025

Series A

Series B

Series A

Series B

(Level 3)

(Level 3)

(Level 3)

(Level 3)

Stock Price

$

1.10

$

1.10

$

15.91

$

15.91

Exercise Price

8.06

8.06

45.00

45.00

Expected volatility

 

160.00%

200.00%

 

99.00%

130.00%

Risk-free interest rate

 

3.60%

3.50%

 

4.36%

4.22%

Expected life (in years)

 

4.02

1.52

 

5.00

2.50

Expected dividend yield

 

 

Schedule of issued and outstanding Series A and Series B Warrants

Series A

Series B

Issued and Outstanding, January 1, 2025

Number of warrants issued

3,565,245

3,565,245

Number of warrants exercised

(3,502,982)

Issued and Outstanding, December 31, 2025

3,565,245

62,263

Summary of recurring measurements for assets and liabilities at fair value

The following details the Company’s recurring measurements for assets and liabilities at fair value on the consolidated balance sheets as of December 31, 2025 (in thousands):

Convertible Notes

Warrant Liabilities

Contingent Consideration

Derivative Liability

(Level 3)

(Level 3)

(Level 3)

(Level 3)

Balance, January 1, 2025

$

11,689

$

1,187

$

3,541

$

Issuance of derivative liability

12,438

Issuance of warrants

94,064

Change in fair value

22,911

(84,934)

(3,499)

2,441

Warrant cashless exercise

(7,041)

Termination of forward purchase agreements

Balance, December 31, 2025

$

34,600

$

3,276

$

42

$

14,879

The following details the Company’s recurring measurements for assets and liabilities at fair value on the consolidated balance sheets as of December 31, 2024 (in thousands):

Convertible Notes

Warrant Liabilities

Contingent Consideration

Embedded Forward Purchase Agreement and Make Whole Derivative

(Level 3)

(Level 3)

(Level 3)

(Level 3)

Balance, January 1, 2024

$

$

1,447

$

104,350

$

41,043

Issuance of convertible notes

15,000

Change in fair value

(3,311)

14,719

(100,809)

(663)

Warrant cashless exercise

(14,979)

Termination of forward purchase agreements

(40,380)

Balance, December 31, 2024

$

11,689

$

1,187

$

3,541

$