v3.26.1
FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Measured or Disclosed at Fair Value on a Recurring Basis
The Company measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, warrant liability and Convertible Loan at fair value on a recurring basis. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Convertible Loan are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used a Monte Carlo simulation as described in Note 9 – Warrants. See Note 14 – Convertible Loan measured at fair value for assumptions utilized in measuring the fair value of the Convertible Loan.
As of March 31, 2026 and December 31, 2025, information about inputs for the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows (in thousands):
Fair Value Measurement as of March 31, 2026
Quoted Prices in Active Market
for Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$126,129 — — $126,129 
Restricted cash47,865 — — 47,865 
Total financial asset$173,994 — — $173,994 
Warrant liability$— — — $— 
Convertible loan measured at fair value— — 76,456 76,456 
Total financial liability$— — 76,456 $76,456 
Fair Value Measurement as of December 31, 2025
Quoted Prices in Active Market
for Identical Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$104,963 — — $104,963 
Restricted cash64,275 — — 64,275 
Total financial asset$169,238 — — $169,238 
Warrant liability$— — 15 $15 
Convertible loan measured at fair value— — 140,929 140,929 
Total financial liability$— — 140,944 $140,944 
The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
20262025
Balance at beginning of the period$15 $290 
Changes in fair value(15)(226)
Balance at end of the period$— $64 
The following is a reconciliation of the beginning and ending balances for Level 3 Convertible Loan during the three months ended March 31, 2026 (in thousands):
Three Months Ended March 31,
20262025
Balance at beginning of the period$140,929 $104,613 
Interest paid during the period(650)(683)
Changes in fair value(63,823)(42,934)
Balance at end of the period$76,456 $60,996