Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):


	Fair Value Measurements at March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	35,811	$	—	$	—	$	35,811
Treasury bills	—		14,931		—		14,931
Contingently returnable common stock asset	—		—		4,169		4,169
	$	35,811	$	14,931	$	4,169	$	54,911
Liabilities:

Contingently issuable common stock liability	—		—		392		392
Public Warrant liability	1,818		—		—		1,818
	$	1,818	$	—	$	392	$	2,210


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	39,406	$	—	$	—	$	39,406
Treasury bills	—		19,885		—		19,885
Contingently returnable common stock asset	—		—		4,094		4,094
	$	39,406	$	19,885	$	4,094	$	63,385
Liabilities:
Contingent earn-out liability	$	—	$	—	$	374	$	374
Contingently issuable common stock liability	—		—		1,809		1,809
Public Warrant liability	3,862		—		—		3,862
	$	3,862	$	—	$	2,183	$	6,045

Schedule of Common Stock Warrant Liability

The following table provides a rollforward of the contingent earn-out liability (in thousands):


Balance at December 31, 2025	$	374
Change in fair value	(374)
Balance at March 31, 2026	$	—

The following table provides a rollforward of the contingently issuable common shares (in thousands):


Balance at December 31, 2025	$	1,809
Change in fair value	(1,417)

Balance at March 31, 2026	$	392

The following table provides a rollforward of the public warrant liability (in thousands):


Balance at December 31, 2025	$	3,862
Change in fair value	(2,044)
Balance at March 31, 2026	$	1,818

Schedule of Contingently Returnable Common Shares

The following table provides a rollforward of the contingently returnable common stock asset (in thousands):


Balance at December 31, 2025	$	4,094
Change in fair value	75

Balance at March 31, 2026	$	4,169

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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