v3.26.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:
Fair Value as of March 31, 2026
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents$3,993 $— $— $3,993 
Marketable securities— 13,457 — 13,457 
Total fair value$3,993 $13,457 $— $17,450 
Liabilities:
Common stock warrants (Public)$60 $— $— $60 
Common stock warrants (Private Placement)— 29 — 29 
Earnout liability— — 24 24 
Convertible notes, net of issuance costs— — 6,979 6,979 
Total fair value$60 $29 $7,003 $7,092 
Fair Value as of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents$21,171 $— $— $21,171 
Marketable securities— 20,545 — 20,545 
Total fair value$21,171 $20,545 $— $41,716 
Liabilities:
Common stock warrants (Public)$114 $— $— $114 
Common stock warrants (Private Placement)— 53 — 53 
Earnout liability— — 24 24 
Convertible notes, net of issuance costs— — 14,970 14,970 
Total fair value$114 $53 $14,994 $15,161 
Schedule of Activities of Earnout Liability
The following table summarizes the activities for the earnout liability during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(in thousands)20262025
Balance at beginning of period$24 $2,486 
Gain in fair value of earnout liability— (2,462)
Balance at end of period$24 $24 
Schedule of Fair Value Measurements, Nonrecurring
The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:
Fair Value as of March 31, 2026
(in thousands)Level 1Level 2Level 3Total
Assets:
Land held for sale$— $— $9,125 $9,125 
Origin 1 (within property, plant, and equipment, net)— — 18,034 18,034 
Total fair value$— $— $27,159 $27,159 
Fair Value as of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets:
Land held for sale$— $— $9,126 $9,126 
Origin 1 (within property, plant, and equipment, net)— — 18,041 18,041 
Total fair value$— $— $27,167 $27,167 
Schedule of Marketable Securities The following table summarizes the marketable securities by major security type as follows:
As of March 31, 2026
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Corporate bonds$2,584 $9 $(1)$2,592 
Asset-backed securities10,415 9 (517)9,907 
U.S. government and agency securities1,043 — (85)958 
Total marketable securities$14,042 $18 $(603)$13,457 
As of December 31, 2025
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Corporate bonds$3,480 $10 $(2)$3,488 
Asset-backed securities11,195 8 (518)10,685 
U.S. government and agency securities6,434 1 (63)6,372 
Total marketable securities$21,109 $19 $(583)$20,545 
Schedule of Marketable Security Contractual Maturities
The contractual maturities of the investments classified as marketable securities are as follows:
As of March 31, 2026
(in thousands)Mature within one yearMature after one year through two yearsMature over two yearsFair Value
Corporate bonds$1,195 $1,397 $— $2,592 
Asset-backed securities— — 9,907 9,907 
U.S. government and agency securities— — 958 958 
Total marketable securities$1,195 $1,397 $10,865 $13,457 
As of December 31, 2025
(in thousands)Mature within one yearMature after one year through two yearsMature over two yearsFair Value
Corporate bonds$1,392 $2,096 $— $3,488 
Asset-backed securities— — 10,685 10,685 
U.S. government and agency securities5,269 — 1,103 6,372 
Total marketable securities$6,661 $2,096 $11,788 $20,545