v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
16. Fair Value of Financial Instruments
The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
June 30, 2026
Quoted Prices in Active Markets
Significant Other Observable Input
Significant Other Unobservable Inputs
(Level 1)
(Level 2)
(Level 3)
(in thousands)
Liabilities
Public warrants
$
791 
$
— 
$
— 
Private placement warrants - Issued October 2019
— 
— 
229 
Private placement warrants - Issued March 2023
— 
— 
31,703 
Sponsor Shares
— 
— 
6,448 
$
791 
$
— 
$
38,380 
December 31, 2025
Quoted Prices in Active Markets
Significant Other Observable Input
Significant Other Unobservable Inputs
(Level 1)
(Level 2)
(Level 3)
(in thousands)
Liabilities
Public warrants
$
810 
$
— 
$
— 
Private placement warrants - Issued October 2019
— 
— 
245 
Private placement warrants - Issued March 2023
— 
— 
16,843 
Sponsor Shares
— 
— 
2,750 
$
810 
$
— 
$
19,838 
The carrying values of the following financial instruments approximated their fair values as of June 30, 2026 and December 31, 2025 based on their short-term maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, and other current liabilities.
There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2026 or 2025.
The following is a summary of changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2026 and 2025:
Sponsor Shares
Private placement warrants - Issued October 2019
Private placement warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2026
$
2,750 
$
245 
$
16,843 
Warrant exercise
— 
— 
(235)
Loss (gain) from changes in fair value
3,698 
(16)
15,095 
Balance as of June 30, 2026
$
6,448 
$
229 
$
31,703 
Sponsor Shares
Private placement warrants - Issued October 2019
Private placement warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2025
$
1,703 
$
713 
$
13,820 
Loss from changes in fair value
2,269 
1,098 
16,219 
Balance as of June 30, 2025
$
3,972 
$
1,811 
$
30,039