Fair Value Measurements and Hierarchy (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Hierarchy for Financial Liabilities

Information about the Company’s financial liabilities measured at fair value on a recurring basis is presented below:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Warrant liability as of June 30, 2026	$	107	$	—	$	10,282	$	10,389
Warrant liability as of December 31, 2025	$	106	$	—	$	2,356	$	2,462

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key Level 3 weighted average inputs into the option pricing model related to the private placement warrants to purchase Class A common stock were as follows:


	June 30, 2026			December 31, 2025
Volatility	112.8		%	102.1		%
Risk-free interest rate	4.1		%	3.7		%
Exercise price	$	25.76		$	25.74
Expected term	4.8 years			5.3 years

Schedule of Changes in the Fair Value

The following table sets forth a summary of changes in the fair value of the Company’s private placement warrants to purchase Class A common stock, which are considered to be Level 3 fair value measurements:


	Six Months Ended June 30,
	2026		2025
	(in thousands)
Beginning balance	$	2,356	$	10,185
Mark-to-market adjustment of stock warrants	7,926		(5,315)
Ending balance	$	10,282	$	4,870