v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis
The following table presents the assets and liabilities that the Company measures at fair value on a recurring basis included in the condensed consolidated balance sheets and indicates the level of the valuation inputs the
Company utilized to determine the fair value:
March 31,December 31,
$ in thousandsLevel20262025
Assets
Available-for-sale investments1$185,147 $176,704 
Total assets$185,147 $176,704 
Liabilities
Public Warrants1$2,328 $4,310 
Private Placement Warrants33,488 6,540 
Earnout Shares3— — 
Total liabilities$5,816 $10,850 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table contains a reconciliation of the beginning and ending balances of recurring Level 3 fair value measurements included in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended March 31,
$ in thousands20262025
Balance of recurring Level 3 liabilities at beginning of period$6,540 $52,207 
Change in Earnout Shares liability— (1,876)
Change in Private Placement Warrant liability(3,052)(43,927)
Balance of recurring Level 3 liabilities at end of period$3,488 $6,404 
Fair Value Measurement Inputs and Valuation Techniques
The following table contains the key inputs used in the valuations of the Private Placement Warrants:
March 31, 2026December 31, 2025
Term (in years)2.192.44
Volatility111.0 %104.0 %
Risk-free rate3.7 %3.5 %
The following table contains the key inputs used in the valuations of the Earnout Shares:
March 31, 2026December 31, 2025
Term (in years)0.190.44
Volatility113.0 %105.0 %
Risk-free rate3.7 %3.6 %