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FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Measured or Disclosed at Fair Value on a Recurring Basis
The Company measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, warrant liability and Convertible Loan at fair value on a recurring basis. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Convertible Loan are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy.
As of June 30, 2026 and December 31, 2025, the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows (in thousands):
Fair Value Measurement as of June 30, 2026
Quoted Prices in Active Market
for Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$127,828 — — $127,828 
Restricted cash15,257 — — 15,257 
Total financial asset$143,085 — — $143,085 
Warrant liability$— — — $— 
Total financial liability$— — — $— 
Fair Value Measurement as of December 31, 2025
Quoted Prices in Active Market
for Identical Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Cash and cash equivalents$104,963 — — $104,963 
Restricted cash64,275 — — 64,275 
Total financial asset$169,238 — — $169,238 
Warrant liability$— — 15 $15 
Convertible loan measured at fair value— — 140,929 140,929 
Total financial liability$— — 140,944 $140,944 
The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the six months ended June 30, 2026 and 2025 (in thousands):
Six Months Ended June 30,
20262025
Balance at beginning of the period$15 $290 
Changes in fair value(15)144 
Balance at end of the period$— $434 
The following is a reconciliation of the beginning and ending balances for Level 3 Convertible Loan, which was retired during the six months ended June 30, 2026 (in thousands):
Six Months Ended June 30,
20262025
Balance at beginning of the period$140,929 $104,613 
Conversion of outstanding convertible loan into common stock(80,000)— 
Interest paid during the period(2,943)(1,355)
Changes in fair value(57,986)78,217 
Balance at end of the period$— $181,475