Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Private Placement Warrants and Public Warrants are classified as Level 3 and their value was determined by using a Black-Scholes Model with the following assumptions for the date indicated:


	June 30, 2026	December 31, 2025
Fair value of common stock	$1.28	$1.10
Exercise Price	$57.50	$57.50
Risk-free interest rate	3.98%	3.47%
Expected term (in years)	1.04	1.50
Volatility	57.10%	63.25%
Dividend yield	—	—

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	7,172	$	—	$	—	$	7,172
Total	$	7,172	$	—	$	—	$	7,172
Financial Liabilities:
Earn-Out Shares	$	—	$	—	$	700	$	700


Total	$	—	$	—	$	700	$	700


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	7,479	$	—	$	—	$	7,479
Total	$	7,479	$	—	$	—	$	7,479
Financial Liabilities:
Earn-Out Shares	$	—	$	—	$	871	$	871


Total	$	—	$	—	$	871	$	871

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a summary of changes in the estimated fair value of the Earn-Out Shares (in thousands):



Balance as of December 31, 2025	$	871
Change in fair value	(171)
Balance as of June 30, 2026	$	700