v3.26.1
Fair value of financial instruments (Tables)
6 Months Ended
Jun. 30, 2026
Fair value of financial instruments  
Schedule of financial instruments measured at fair value on a recurring basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):

June 30, 2026

Description

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Financial assets

Cash equivalents

$

78,734

$

78,734

$

$

Total financial assets

$

78,734

$

78,734

$

$

Financial liabilities

Notes

$

73,774

$

$

$

73,774

Total financial liabilities

$

73,774

$

$

$

73,774

December 31, 2025

Description

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Financial assets

Cash equivalents

$

106,830

$

106,830

$

$

Total financial assets

$

106,830

$

106,830

$

$

Financial liabilities

Warrant liability

$

35,647

$

$

$

35,647

Notes

$

76,330

$

$

$

76,330

Total financial liabilities

$

111,977

$

$

$

111,977

Schedule of inputs used to value the preferred stock tranche liability and warrant liability

December 31, 2025

Risk-free interest rate

 

3.74

%  

Volatility

 

53

%  

Dividend yield

 

Remaining term (years)

 

0.1

Schedule of reconciliation of warrant liability

The following table represents a reconciliation of the warrant liability (in thousands):

December 31, 2025

$

35,647

Fair value of warrants exercised

(26,324)

Fair value adjustment

(9,323)

June 30, 2026

$