v3.26.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value of Financial Instruments [Line Items]  
Schedule of Aggregate Fair Values of the Derivative Liabilities

The following table provides a roll forward of the aggregate fair values of the derivative liability for the three months ended March 31, 2026 (in thousands):

 

   Embedded Derivative 
Balance as of January 1, 2026  $19,260 
Change in fair value   (9,252)
Balance as of March 31, 2026  $10,008 
Black-Scholes Model [Member]  
Fair Value of Financial Instruments [Line Items]  
Schedule of Fair Value of the Derivative Liability

The fair value of the derivative liability was determined using the Black-Scholes model. The model incorporates the following key inputs and assumptions:

 

  

At

December 31,
2025

  

At

March 31,
2026

 
Maturity date  October 1, 2030   October 1, 2030 
Debt price   89.65    76.58 
Volatility rate   55%   55%
Share price  $1.89   $1.31 
Dividend yield   0%   0%
Stock borrow cost   1%   1%
Credit Spread   10.00%   14.50%