v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs we utilized to determine such fair value (in thousands):
LevelJune 30, 2026December 31, 2025
Assets:
Certificate of deposit2$50 $50 
Liabilities:
Warrant liability2$187 $103 
Earnout liability3$2,410 $2,210 
Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
The activity for the fair value of the warrant liability during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
Three Months EndedSix Months Ended
2026202520262025
Beginning balance$276 $9 $103 $22 
Change in fair value
(89)17 84 4 
Ending balance$187 $26 $187 $26 
The activity for the fair value of the Lynrock Lake Warrant during the three and six months ended June 30, 2025 was as follows (in thousands):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Beginning balance$17,102 $— 
   Fair value at issuance
— 16,496 
   Change in fair value
2,295 2,901 
   Reclassification of warrant liability upon warrant modification(19,397)(19,397)
Ending balance$— $— 
The activity for the fair value of the Yorkville Warrant during the three and six months ended June 30, 2025 was as follows (in thousands):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Beginning balance$3,104 $— 
   Fair value at issuance
— 2,993
   Change in fair value
485 596 
   Reclassification of warrant liability upon warrant modification(3,589)(3,589)
Ending balance$— $— 
The activity for the fair value of the earnout liability for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Beginning balance$2,160 $490 $2,210 $440 
Change in fair value250 (210)200 (160)
Ending balance$2,410 $280 $2,410 $280 
The activity for the fair value of the derivative liability during the six months ended June 30, 2025 was as follows (in thousands):
Six Months Ended June 30, 2025
Beginning balance$304 
Extinguishment upon Termination Agreement(203)
Change in fair value(101)
Ending balance$— 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Significant assumptions used in the valuation of the fair value of the Lynrock Lake Warrant as of issuance on February 26, 2025 and as of the modification on June 11, 2025 were as follows:
February 26, 2025June 11, 2025
Fair value of common stock$1.20 $1.50 
Exercise price
$1.20 $1.20 
Expected warrant terms (years)
10.09.7
Expected volatility
51.6 %39.2 %
Risk-free rate of return
4.3 %4.4 %
Expected annual dividend yield
— %— %
Significant assumptions used in the valuation of the fair value of the Yorkville Warrant as of issuance on February 26, 2025 and as of the modification on June 11, 2025 were as follows:
February 26, 2025June 11, 2025
Fair value of common stock
$1.20 $1.50 
Exercise price$1.20 $1.20 
Expected warrant term (years)
5.04.7 
Expected volatility
51.6 %39.2 %
Risk-free rate of return
4.1 %4.0 %
Expected annual dividend yield
— %— %
Significant assumptions used in the valuation of the fair value of the earnout liability as of June 30, 2026 and December 31, 2025 were as follows:
June 30, 2026December 31, 2025
Fair value of common stock$4.07 $6.09 
Volatility of revenue18.0 %20.0 %
Discount rate applicable to revenue7.0 %7.0 %
Risk-free rate3.9 %3.5 %
Risk premium3.1 %3.5 %
Cost of debt15.5 %15.5 %
Credit risk spread11.6 %12.0 %
Equity volatility80.0 %95.0 %
Significant assumptions used in the valuation of the fair value of the derivative liability as of February 26, 2025 were as follows:
February 26, 2025
Fair value of common stock$1.23 
Term in years1.11
Volatility125.0 %
Risk-free rate4.1 %
Debt discount30.0 %