v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis

The following table presents information regarding the Company’s financial liabilities that were measured at fair value on a recurring basis:

 

 

June 30, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Earnout liability, current

 

$

 

 

$

 

 

$

2,750

 

 

$

2,750

 

 

 

 

December 31, 2025

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Earnout liability

 

$

 

 

$

 

 

$

4,112

 

 

$

4,112

 

Summary of Significant Inputs Used to Measure Fair Value of Level 3 Earnout Liability

The following table provides the significant inputs used to measure the fair value of the level 3 earnout liability related to the Business Combination Agreement:

 

 

As of

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Stock price

 

$

1.89

 

 

$

2.60

 

Risk-free rate

 

 

3.9

%

 

 

3.4

%

Volatility

 

 

70.0

%

 

 

74.1

%

Term (in years)

 

 

0.9

 

 

 

1.4

 

The following table provides the significant inputs used to measure the fair value of the level 3 earnout liability related to the acquisition of Simpatra:

 

 

As of

 

 

 

December 31, 2025

 

Stock price

 

$

2.60

 

Risk-free rate

 

 

3.5

%

Equity volatility

 

 

64.5

%

Revenue volatility

 

 

57.0

%

Revenue discount rate

 

 

14.5

%

Correlation factor

 

 

3.0

%

Term (in years)

 

 

2.0

 

Changes in Fair Value of Level 3 Financial Instruments

Changes in the fair value of the Company’s Level 3 financial instruments were as follows:

(in thousands)

 

Earnout Liability

 

Fair value as of December 31, 2025

 

$

4,112

 

Gain from change in fair value

 

 

(1,362

)

Fair value as of June 30, 2026

 

$

2,750