v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 were as follows:

 

 

March 31, 2026

 

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

(in thousands)

(in thousands)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,738

 

 

$

 

 

$

 

 

$

512

 

 

$

 

 

$

 

 

Total

 

$

4,738

 

 

$

 

 

$

 

 

$

512

 

 

$

 

 

$

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

 

 

$

 

 

$

1,011

 

 

$

 

 

$

 

 

$

243

 

 

Series D convertible preferred stock

 

 

 

 

 

 

 

$

7,859

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

1,613

 

 

 

 

 

 

 

 

 

 

 

Convertible notes

 

 

 

 

 

 

 

 

4,538

 

 

 

 

 

 

 

 

 

5,247

 

 

Warrants

 

 

 

 

 

 

 

 

169

 

 

 

 

 

 

 

 

 

408

 

 

Total

 

$

 

 

$

 

 

$

15,190

 

 

$

 

 

$

 

 

$

5,898

 

 

 

Schedule of Fair Value Measurement of Assets and Liabilities Using Unobservable Inputs Reconciliation

The following summarizes the activity for the Company Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026.

 

Derivatives

 

(in thousands)

 

Class A Incremental Notes Derivative

 

 

 

 

 

Fair value at December 31, 2025

 

$

243

 

Issuance of derivatives

 

 

441

 

Change in estimated fair value of derivatives

 

 

327

 

Fair value at March 31, 2026

 

$

1,011

 

Monte Carlo Simulation model [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Key Input Models

The following table outlines the key inputs for the Monte Carlo Simulation models:

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

Weighted-average risk-free interest rate

 

3.66% - 3.76%

 

 

3.45% - 3.51%

 

Weighted-average expected term (in years)

 

0.47 - 2.41

 

 

0.72 - 2.65

 

Weighted-average expected volatility

 

 

95.0

%

 

 

95.0

%

Expected dividend yield

 

 

%

 

 

%

 

Black-Scholes option-pricing model [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Key Input Models

The following table outlines the key inputs for the Black-Scholes option-pricing models:

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

Weighted-average risk-free interest rate

 

4.0% - 4.06%

 

 

3.7% - 4.2%

 

 

Weighted-average expected term (in years)

 

6.32 - 6.86

 

 

0.26 - 9.52

 

 

Weighted-average expected volatility

 

 

100.0

%

 

 

150.0

%

 

Expected dividend yield

 

 

%

 

 

%

 

January 2025 Exchange Notes [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Change in Fair Value of Exchange Notes

 

 

January 2025

 

(in thousands)

 

Exchange Notes

 

Carrying amount at February 4, 2025

 

$

5,380

 

Conversion to common stock

 

 

(5,391

)

Gain on extinguishment of debt with related party

 

 

(279

)

Change in estimated fair value of convertible notes

 

 

290

 

Fair value at March 31, 2025

 

$

 

September 2025 Exchange Note [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value Measurement of Assets and Liabilities Using Unobservable Inputs Reconciliation

 

 

Sep-25

 

(in thousands)

 

Exchange Note

 

Fair value at December 31, 2025

 

$

933

 

Conversion to common stock

 

 

(2,059

)

Change in estimated fair value of convertible notes

 

 

1,126

 

Fair value at March 31, 2026

 

$

-

 

Remainder Notes [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

(in thousands)

 

Remainder Notes

 

Fair value at December 31, 2025

 

$

4,314

 

Change in estimated fair value of convertible notes

 

 

224

 

Fair value at March 31, 2026

 

$

4,538

 

Warrants [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

The following table summarizes the activity for the Company Level 3 warrant liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026:

 

(in thousands)

 

 

Class A Incremental Notes Warrants

 

Fair value at December 31, 2025

 

 

$

408

 

Issuance of warrants

 

 

 

428

 

Change in estimated fair value of warrants

 

 

 

(667

)

Fair value at March 31, 2026

 

 

$

169

 

Series D Convertible Preferred Stock [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation The following table summarizes the activity for preferred stock measured at fair value on a recurring basis for the three months ended March 31, 2026:

 

(in thousands)

 

Series D Preferred Stock

 

 

 

 

 

Fair value at December 31, 2025

 

$

 

Ergatta acquisition

 

 

7,676

 

Change in estimated fair value of preferred stock

 

 

37

 

Stock-based compensation

 

 

146

 

Fair value at March 31, 2026

 

$

7,859

 

Accrued Earnout [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation The following table summarizes the activity for the contingent consideration measured at fair value on a recurring basis for the three months ended March 31, 2026:

(in thousands)

 

Accrued Earnout

 

Fair value at December 31, 2025

 

$

 

Ergatta acquistion on March 11, 2026

 

 

1,587

 

Change in estimated fair value of contingent consideration

 

 

26

 

Fair value at March 31, 2026

 

$

1,613