Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

The Company’s financial liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	As of
	March 31, 2026		December 31, 2025


Level 3



Contingent liabilities	$	-	$	166

Summary of the Changes In Fair Value of the Company’s Level 3 Financial Instruments

A summary of the changes in fair value of the Company’s Level 3 financial instruments for the three months ended March 31, 2026 and March 31, 2025 were as follows (in thousands):


	Contingent Liabilities
Balance at December 31, 2025	$	166


Change in fair value included in other income (expense), net	(166)


Balance at March 31, 2026	$	—


	Series D Warrants		Common Stock Warrants		Embedded Derivative Liabilities		Contingent Liabilities		Total
Balance at December 31, 2024	$	7,882	$	10,976	$	24,931	$	—	$	43,789


Change in fair value included in other income (expense), net	(50)		11		16,574		—		16,535


Balance at March 31, 2025	$	7,832	$	10,987	$	41,505	$	—	$	60,324

Fair Value Measurement Inputs and Valuation Techniques

The range of assumptions used to calculate the fair value of the Series D Warrants and embedded derivative liabilities as of March 31, 2025 were as follows:


	Series D Warrants	Embedded Derivative Liability
Interest rate	-	6.0%
Risk-free rate	4.3%	3.9% - 4.3%
Discount rate	-	40.0%
Illiquidity discount	-	10.0%
Probability weight	10.0%	1.3% - 75.0%
Expected volatility	65.0%	65.0%
Expected term (years)	0.3	0.3 - 2.0