v3.26.1
Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurement [Abstract]  
Schedule of Fair Value, by Balance Sheet Grouping

The following is a listing of the Company’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of March 31, 2026 and December 31, 2025:

 

   March 31, 2026   December 31, 2025 
   Fair
value
   Carrying
amount
   Fair
value
   Carrying
amount
 
Warrant liabilities – Level 3  $
   $
   $1,874   $1,874 
Earn-out share liabilities - Level 3   7,164    7,164    
    
 
SIF Loan – Level 3   23,493    27,612    23,609    27,536 
FedDev Loan – Level 2   2,421    2,421    2,462    2,462 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following summarizes the change in fair value of the Company’s warrant and earn-out share liabilities for the three months ended March 31, 2026:

 

   Warrant Liability   Earn out Share Liability   Total 
Fair value as of December 31, 2025  $1,874   $
   $1,874 
Establishment of earn out share liabilities   
    9,997    9,997 
Change in estimated fair value, net of changes in foreign exchange rates (1)   895    (2,833)   (1,938)
Reclassification of warrant liability to equity   (2,769)   
    (2,769)
Fair value as of March 31, 2026  $
   $7,164   $7,164 

 

(1)Changes in fair value of warrant liabilities have been recognized within other operating income, net and changes in earn-out liabilities have been recognized in gain on fair value of earn-out share liabilities in the consolidated statements of operations and comprehensive loss.
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table summarizes the significant inputs:
   As of: 
   March 26, 2026   March 31, 2026 
Share Price  $10.00   $7.66 
Expected Volatility   80%   80%
Risk-free interest rate   4.00%   3.83%
Remaining term (in years)   4.00    3.99