Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Company's Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial liabilities that are measured at fair value on a recurring basis in the condensed consolidated financial statements (in thousands):


		Fair Value Measurements at March 31, 2026 Using:
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible notes at fair value		$	—			$	—			$	58,896			$	58,896
SAFE-T notes at fair value			—				—				3				3
New LamVen Note			—				—				100				100
GEM Derivative			—				—				4,052				4,052
HT Side Letter Agreement											2,509				2,509
Liability classified warrants			—				—				1,024				1,024
Total financial liabilities		$	—			$	—			$	66,584			$	66,584


		Fair Value Measurements at December 31, 2025 Using:
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible notes at fair value		$	—			$	—			$	67,457			$	67,457
SAFE-T notes at fair value			—				—				5				5
New LamVen Note			—				—				100				100
Liability classified warrants			—				—				2,831				2,831
Total financial liabilities		$	—			$	—			$	70,393			$	70,393

Schedule of Reconciliation of Company's Financial Liabilities Measured at Fair Value

The following table provides a reconciliation of the Company’s financial liabilities that are measured at fair value using inputs classified as Level 3 (in thousands):


		Convertible Notes at Fair Value				SAFE Notes				New LamVen Note				GEM Derivative				HT Side-Letter Agreement				Liability Classified Warrants
Balance at December 31, 2025		$	67,457			$	5			$	100			$	—			$	—			$	2,831
Change in fair value			3,132				(2	)			—				789				1,501				(1,807	)
Debt and equity financing issuances			—				—				—				12,000				1,008				—
Transfers			182				—				—				(77	)			—				—
Conversions into common stock			(1,875	)			—				—				(8,660	)			—				—
Payments and share settlement			(10,000	)			—				—				—				—				—
Balance at March 31, 2026		$	58,896			$	3			$	100			$	4,052			$	2,509			$	1,024

Summary of Carrying Amounts and Fair Values of Long-term Debt Obligations

The carrying amounts and fair values of the Company’s long-term debt obligations were as follows (in thousands):


		As of March 31, 2026							As of December 31, 2025
		Carrying Amount			Fair Value				Carrying Amount			Fair Value
Long-term debt, including current maturities		$	16,501		$	16,258			$	17,101		$	16,988