v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy as of June 30, 2026 and December 31, 2025, are summarized as follows:
June 30, 2026
Level 1Level 2Level 3
Total
(In thousands)
Assets
Cash equivalents - money market funds$34,042 $— $— $34,042 
Total assets$34,042 $— $— $34,042 
December 31, 2025
Level 1Level 2Level 3
Total
(In thousands)
Assets:
Cash equivalents - money market funds$43,000 $— $— $43,000 
Total assets$43,000 $— $— $43,000 
Liabilities:
Warrants liability
$— $— $2,999 $2,999 
Total liabilities
$— $— $2,999 $2,999 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Level of
Hierarchy
Fair ValuePrincipal
Balance
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying
Value
(In thousands)
June 30, 2026
2026 Notes2$11,978 $14,972 $— $(26)$14,946 
2029 Notes3$164,530 $229,641 $(22,630)$(5,344)$201,667 
Second Lien 2029 Notes3$76,908 $181,952 $— $— $181,952 
December 31, 2025
2026 Notes
2$8,175 $20,125 $— $(73)$20,052 
2029 Notes
3$200,601 $221,877 $(25,955)$(6,142)$189,780 
Second Lien 2029 Notes3$61,497 $181,952 $— $— $181,952 
Fair Value Measurement Inputs and Valuation Techniques
A summary of the Black-Scholes pricing model assumptions used to record the fair value of the Warrants as of June 30, 2025 is as follows:

June 30,
2025
Stock price
$1.01
Risk free rate
4.15%
Expected life (in years)
8.93
Expected volatility79.00%
Schedule of Changes in Fair Value of Level 3 Liabilities
June 30,
2026
December 31,
2025
(In thousands)
Balance, beginning of year$2,999 $17,498 
Settlement of Warrants— (1,297)
Change in the fair value of Warrants(2,999)(13,202)
Balance, end of period$— $2,999