v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of fair value assets and liabilities measured on recurring basis

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):

Fair value measured at March 31, 2026

  ​ ​ ​

  ​ ​ ​

Quoted prices in active

  ​ ​ ​

Significant other

  ​ ​ ​

Significant

  ​ ​ ​

Fair value at

markets

observable inputs

unobservable inputs

March 31, 2026

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Convertible notes at fair value

$

38,341

 

 

$

38,341

Share payable

370

370

Total fair value

$

38,711

$

$

$

38,711

Fair value measured at December 31, 2025

  ​ ​ ​

  ​ ​ ​

Quoted prices in active

  ​ ​ ​

Significant other

  ​ ​ ​

Significant

Fair value at

markets

observable inputs

unobservable inputs

  ​ ​ ​

December 31, 2025

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Contingent payable derivative liability

$

9,416

$

9,416

Convertible notes at fair value

37,276

37,276

Share payable

 

373

 

 

 

373

Total fair value

$

47,065

$

$

$

47,065

Schedule of changes in Level 3 liabilities measured at fair value

The following table presents changes in Level 3 liabilities measured at fair value for the three-month period ended March 31, 2026. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs (in thousands).

Convertible

Contingent Payable

Share

Notes

  ​ ​ ​

Derivative Liability

  ​ ​ ​

Payable

  ​ ​ ​

At Fair Value

  ​ ​ ​

Total

Balance - January 1, 2026

$

9,416

$

373

$

37,276

$

47,065

Additional share payable

350

350

Issuance of convertible notes at fair value

6,813

6,813

Redemption of share payable

(152)

(152)

Additions from debt extinguishment

3,237

3,237

Debt repayment

(500)

(500)

Debt conversion

(3,250)

(3,250)

Change in fair value

(9,416)

(201)

(5,235)

(14,852)

Balance - March 31, 2026

$

(1)

$

370

$

38,341

$

38,711

(1)The fair value of the contingent payable derivative liability was reduced to zero as of March 31, 2026, because the underlying performance condition required for payment is not probable prior to the note’s expiration on May 21, 2026.
Summary of Company's share payable and embedded conversion feature that are categorized within Level 3 of the fair value hierarchy

Share Payable

For the three months ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Strike price

$

0.19

$

0.24

Contractual term (years)

 

0.09

 

0.03

Volatility (annual)

 

75

%  

59

%

Risk-free rate

 

3.7

%  

1.8

%

Dividend yield (per share)

 

0

%  

0

%

As of March 31, 2026

As of December 31, 2025

  ​ ​ ​

Share Payable

  ​ ​ ​

Share Payable

Strike price

$

0.19

$

0.22

Contractual term (years)

 

0.05

 

0.05

Volatility (annual)

 

75

%  

 

64

%

Risk-free rate

 

3.5

%  

 

3.7

%

Dividend yield (per share)

 

0

%  

 

0

%