FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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 cash	47,865		—	—	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 cash	64,275		—	—	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

Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability

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,
	2026		2025
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,
	2026		2025
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