v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value
The following tables set forth the Company's financial instruments on the condensed balance sheets that were measured at fair value on a recurring basis for the period indicated by level within the fair value hierarchy (in thousands):
June 30, 2026
Level 1
Level 2
Level 3
Total
Financial assets:
Money market funds
$71,901 $— $— $71,901 
Total
$71,901 $— $— $71,901 
Financial liabilities:
Warrants
$— $— $74,688 $74,688 
Total
$— $— $74,688 $74,688 

December 31, 2025
Level 1
Level 2
Level 3
Total
Financial assets:
Money market funds
$125,548 $— $— $125,548 
Total
$125,548 $— $— $125,548 
Financial liabilities:
Warrants
$— $— $114,353 $114,353 
Total
$— $— $114,353 $114,353 
Schedule of Carrying Amounts and Estimated Fair Values
The following table presents the carrying amounts and estimated fair values of the financial instruments that are not recorded at fair value on the condensed balance sheets (in thousands):
June 30, 2026December 31, 2025
Net Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2028 Notes
$47,817 $45,152 $47,703 $45,152 
2029 Notes
$144,293 $151,037 $140,980 $153,712 
2031 Notes
$183,699 $267,719 $183,130 $280,269 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The aggregate fair value of the Warrants for the periods presented was determined using a Black-Scholes Model with the following inputs:
June 30, 2026December 31, 2025
Stock price$11.79$15.78
Exercise price$1.71$1.71
Expected life in years
2.673.17
Expected volatility
86.40 %93.51 %
Expected dividends
— %— %
Discount rate
4.15 %3.55 %
Schedule Of Warrants
The following table presents the activity related to the Warrants for each of the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Beginning balance
$56,105 $36,081 $114,353 $78,584 
Settlement of warrant liabilities— — (10,913)— 
Change in fair value18,583 (4,537)(28,752)(47,040)
Ending balance
$74,688 $31,544 $74,688 $31,544