v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of fair value hierarchy used to measure financial assets and liabilities

The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of March 31, 2026 and December 31, 2025, respectively (in thousands):

  ​ ​ ​

March 31, 2026

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

Cash equivalents:

Money market funds

$

13,512

$

$

Short-term investments:

U.S. treasury securities

370,100

Long-term investments:

U.S. treasury securities

150,736

Total Assets

$

13,512

$

520,836

$

Liabilities:

  ​

  ​

  ​

Derivative warrant liability – Public Warrants

$

42,692

$

$

Derivative warrant liability – Private Warrants

6,182

Total Liabilities

$

42,692

$

$

6,182

  ​ ​ ​

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Assets:

Cash equivalents:

Money market funds

$

38,721

$

$

Short-term investments:

U.S. treasury securities

398,660

Long-term investments:

U.S. treasury security

146,321

Total Assets

$

38,721

$

544,981

$

Liabilities:

  ​

  ​

  ​

Derivative warrant liability – Public Warrants

$

85,842

$

$

Derivative warrant liability – Private Warrants

16,751

Total Liabilities

$

85,842

$

$

16,751

Schedule of changes in the fair value of Level 3 financial instruments

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

  ​ ​ ​

Derivative

  ​ ​ ​

Warrant Liability -

Earn-out

  ​ ​ ​

Private Warrants

  ​ ​ ​

Liabilities

Balance – December 31, 2025

$

16,751

$

Change in fair value during the year

(10,044)

Transfer from Private Warrants to Public Warrants

(525)

Balance – March 31, 2026

$

6,182

$

Balance – December 31, 2024

$

22,830

$

45,897

Change in fair value during the year

(7,760)

(8,837)

Vesting of Promote Sponsor Vesting Shares

(32,946)

Transfer from Private Warrants to Public Warrants

(7,316)

Balance – March 31, 2025

$

7,754

$

4,114