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WARRANTS
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
WARRANTS WARRANTS
For additional information regarding the OIC Warrants, the Novus Warrants, and the Dorado Goose Warrants, see Note 14 of the notes to the consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC on March 18, 2026.
Roll-Forward of Warrants
The following table presents a roll-forward of the Company’s warrants for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):
Three Months Ended June 30, 2026
OIC WarrantsNovus WarrantsDorado Goose WarrantsTotal
Warrants outstanding at beginning of period5,5725,1674,00014,739
Warrants exercised— — (1,000)(1,000)
Warrants outstanding at end of period5,572 5,167 3,000 13,739 
Six Months Ended June 30, 2026
OIC WarrantsNovus WarrantsDorado Goose WarrantsTotal
Warrants outstanding at beginning of period5,5725,1674,50015,239
Warrants exercised— — (1,500)(1,500)
Warrants outstanding at end of period5,572 5,167 3,000 13,739 

Three and Six Months Ended June 30, 2025
OIC WarrantsNovus WarrantsDorado Goose WarrantsTotal
Warrants outstanding at beginning and end of period—5,167—5,167
Roll-Forward of Warrant Liabilities
The following table presents a roll-forward of the Company’s warrant liabilities for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Warrant liabilities at beginning of period$15,350$2$15,050$2
Change in fair value (1)
(1,850)— (1,550)— 
Warrant liabilities at end of period$13,500 $2 $13,500 $2 
__________________
(1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the condensed consolidated statements of operations and comprehensive loss.
Fair Value Measurement - Liability Classified Warrants
The Company measures the fair value of the OIC Warrant liability using a Monte Carlo simulation model and the fair value of the Novus Warrant liability using a Black-Scholes option pricing model. These valuation models require significant judgment and the use of unobservable inputs. Accordingly, the warrant liabilities are classified within Level 3 of the fair value hierarchy. The key unobservable inputs used to value the OIC Warrants include expected volatility and the Company’s estimated future adjusted EBITDA. The key unobservable input used to value the Novus Warrants is expected volatility. A significant increase in expected volatility, in isolation, would result in a significantly higher fair value measurement for both warrant liabilities. A significant decrease in the Company’s estimated future adjusted EBITDA, in isolation, would result in a significantly higher fair value measurement of the OIC Warrant liability.
The following table provides the assumptions used to estimate the fair value of the Company’s liability classified warrants as of June 30, 2026 and December 31, 2025:
OIC WarrantsNovus Warrants
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Exercise price$4.24$4.24$11.50$11.50
Expected term (in years)4.284.780.621.12
Expected volatility75.0 %80.0 %86.8 %70.0 %
Risk-free interest rate4.2 %3.7 %3.9 %3.7 %
Expected dividend yield— %— %— %— %