v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):

 

March 31, 2026

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

   Investments

 

 

42,604

 

 

 

 

 

 

-

 

 

 

42,604

 

Total assets

 

$

42,604

 

 

$

—

 

 

$

—

 

 

$

42,604

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

   Warrant liabilities - public warrants

 

$

1,903

 

 

$

—

 

 

$

—

 

 

$

1,903

 

   Warrant liabilities - private warrants

 

 

—

 

 

 

—

 

 

 

1,583

 

 

 

1,583

 

 Earnout liabilities

 

 

—

 

 

 

—

 

 

 

1,091

 

 

 

1,091

 

Total liabilities

 

$

1,903

 

 

$

—

 

 

$

2,674

 

 

$

4,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

   Investments

 

 

—

 

 

 

40,788

 

 

 

—

 

 

 

40,788

 

Total assets

 

$

—

 

 

$

40,788

 

 

$

—

 

 

$

40,788

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

   Warrant liabilities - public warrants

 

$

6,217

 

 

$

—

 

 

$

—

 

 

$

6,217

 

   Warrant liabilities - private warrants

 

 

—

 

 

 

—

 

 

 

5,579

 

 

 

5,579

 

 Earnout liabilities

 

 

—

 

 

 

—

 

 

 

4,281

 

 

 

4,281

 

Total liabilities

 

$

6,217

 

 

$

—

 

 

$

9,860

 

 

$

16,077

 

 
Summary of Roll-Forward of the Level 1 Public Warrant Liability

A roll-forward of the Level 1 public warrant liability is as follows (in thousands):

 

Opening value at January 1, 2025

 

 

 

 

 

$

1,016

 

Change in fair value during the period

 

 

 

 

 

 

5,201

 

Ending value at December 31, 2025

 

 

 

 

 

 

6,217

 

Change in fair value during the period

 

 

 

 

 

 

(4,314

)

Ending value at March 31, 2026

 

 

 

 

 

$

1,903

 
Summary of Roll-Forward of the Level 3 Private Warrant Liability

A roll-forward of the Level 3 private warrant liability is as follows (in thousands):

 

Opening value at January 1, 2025

 

 

 

 

 

$

916

 

Change in fair value during the period

 

 

 

 

 

 

4,663

 

Ending value at December 31, 2025

 

 

 

 

 

 

5,579

 

Change in fair value during the period

 

 

 

 

 

 

(3,996

)

Ending value at March 31, 2026

 

 

 

 

 

$

1,583

 
Black Scholes Option Pricing Model [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Summary of Roll-Forward of the Level 3 Private Warrant Liability The following table presents the assumptions used to value the private warrant liability for the three months ended March 31, 2026:

 

Exercise price

 

 

 

 

 

$

368

 

Expected volatility

 

 

 

 

 

 

72.34

%

Risk-free interest rate

 

 

 

 

 

 

3.70

%

Remaining term

 

 

 

 

 

 

0.76

 

Dividend yield

 

 

 

 

 

 

0

%
Earnout Shares Liability [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Level 3 Earnout Shares Liability

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (in thousands):

 

Opening value at January 1, 2025

 

 

 

 

 

$

996

 

Change in fair value during the period

 

 

 

 

 

 

3,285

 

Ending value at December 31, 2025

 

 

 

 

 

 

4,281

 

Change in fair value during the period

 

 

 

 

 

 

(3,190

)

Ending value at March 31, 2026

 

 

 

 

 

$

1,091

 

 
Summary of Assumptions used to Value Founder Shares Liability The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the three months ended March 31, 2026:

 

Exercise price

 

 

 

 

 

$400-$480

 

Expected volatility

 

 

 

 

 

 

64.9

%

Risk-free interest rate

 

 

 

 

 

 

3.70

%

Remaining term

 

 

 

 

 

 

0.77

 

Dividend yield

 

 

 

 

 

 

0

%