v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis
The fair value of financial instruments measured on a recurring basis is as follows (in thousands):
As of June 30, 2026
DescriptionTotalLevel 1Level 2Level 3
Financial liabilities:
Warrant liabilities$62,145 $— $— $62,145 
Notes$34,932 $— $— $34,932 
Total financial liabilities at fair value$97,077 $— $— $97,077 
As of December 31, 2025
DescriptionTotalLevel 1Level 2Level 3
Financial liabilities:
Warrant liabilities$25,985 $— $— $25,985 
Notes$— $— $— $— 
Total financial liabilities at fair value$25,985 $— $— $25,985 
Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a roll-forward of the warrant financial liability measured at fair value on a recurring basis using unobservable level 3 inputs for the six months ended June 30, 2026 and 2025 (in thousands):

Six Months Ended
June 30,
20262025
Warrant liabilities
Balance as of beginning of period$25,985 $— 
Issuance of March 2025 Warrants and March 2025 Private Placement Warrants— 15,520 
Warrant exercises(7,817)— 
Change in fair value43,977 (3,720)
Balance as of end of period$62,145 $11,800 
The following table provides a roll-forward of the Notes financial liability measured at fair value on a recurring basis using unobservable level 3 inputs for the period from April 21, 2026 through June 30, 2026 (in thousands):
Fair value at April 21, 2026 (issuance)$35,000 
Fair value change reported in statements of operations213 
Change in fair value reported in other comprehensive loss— 
Interest payments(281)
Fair value at June 30, 2026$34,932