Equity warrants that are classified as derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (see Note 16).

As of June 30, 2026 and December 31, 2025, the Company's derivative liabilities included only equity warrants and the Sponsor Shares.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at June 30, 2026:


	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	(Gain) Loss in Value for the Six Months Ended June 30, 2026		Fair Value as of June 30, 2026
	(in thousands)							(in thousands)
Public Warrants	1,977	$	92.00	$	144.00	9/9/2026	Liability	$	(19)	$	791
Private placement warrants - Issued October 2019	520	92.00		144.00		9/9/2026	Liability	5		208
Private placement warrants - Issued October 2019	520	160.00		144.00		9/9/2026	Liability	(21)		21
Private placement warrants - Issued March 2023	1,433	17.61		N/A		9/8/2028	Liability	14,942		31,703

In May 2026, holders exercised seven thousand of the March 2023 private placement warrants, resulting in proceeds of $123 thousand to the Company in exchange for shares of Class A common stock. The Company recognized a net loss, which was recorded to loss on derivatives in the unaudited condensed consolidated statements of operations and comprehensive loss, of $129 thousand related to the exercised warrants during the six months ended June 30, 2026.

In addition, the Company has 221 thousand Class A common stock warrants outstanding that have an exercise price of $0.88 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and were included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.