Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Company's Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial liabilities that are measured at fair value on a recurring basis in the condensed consolidated financial statements (in thousands):


		Fair Value Measurements at June 30, 2026 Using:
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible notes at fair value		$	—			$	—			$	45,693			$	45,693
SAFE-T notes at fair value			—				—				3				3
New LamVen Note			—				—				100				100
GEM Derivative			—				—				—				-
HT Side Letter Agreement											—				-
Liability classified warrants			—				—				723				723
Total financial liabilities		$	—			$	—			$	46,519			$	46,519


		Fair Value Measurements at December 31, 2025 Using:
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible notes at fair value		$	—			$	—			$	67,457			$	67,457
SAFE-T notes at fair value			—				—				5				5
New LamVen Note			—				—				100				100
Liability classified warrants			—				—				2,831				2,831
Total financial liabilities		$	—			$	—			$	70,393			$	70,393

Schedule of Reconciliation of Company's Financial Liabilities Measured at Fair Value

The following table provides a reconciliation of the Company’s financial liabilities that are measured at fair value using inputs classified as Level 3 (in thousands):


		Convertible Notes at Fair Value				SAFE Notes				New LamVen Note				GEM Derivative				HT Side-Letter Agreement				Liability Classified Warrants
Balance at December 31, 2025		$	67,457			$	5			$	100			$	—			$	—			$	2,831
Change in fair value			8,929				(2	)			—				2,233				1,355				(2,108	)
Debt and equity financing issuances			—				—				—				25,000				1,008				—
Transfers			182				—				—				(77	)			—				—
Conversions into common stock			(1,875	)			—				—				(27,156	)			—				—
Payments and share settlement			(29,000	)			—				—				—				(2,363	)			—
Balance at June 30, 2026		$	45,693			$	3			$	100			$	—			$	—			$	723

Summary of Carrying Amounts and Fair Values of Long-term Debt Obligations

The carrying amounts and fair values of the Company’s long-term debt obligations were as follows (in thousands):


		As of June 30, 2026							As of December 31, 2025
		Carrying Amount			Fair Value				Carrying Amount			Fair Value
Long-term debt, including current maturities		$	22,592		$	23,303			$	17,101		$	16,988