Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Derivative Liability Measured at Fair Value on Recurring Basis

The Company’s derivative liability related to the December 2024 Convertible Notes, the Additional 2024 Convertible Notes, and the 2025 Convertible Notes (collectively, the “Notes”) (see Note 11 — Debt — 2024 Note Purchase Agreement, A&R Note Purchase Agreement and Convertible Notes), measured at fair value on a recurring basis is as follows:


		December 31, 2025
(in thousands)		Level 1				Level 2				Level 3
Current Liabilities
Derivative liabilities		$	—			$	—			$	10
Total		$	—			$	—			$	10

Noncurrent Liabilities
Derivative liabilities		$	—			$	—			$	3,363
Total		$	—			$	—			$	3,363

Summary of Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis

Changes in Level 3 liabilities measured at fair value on a recurring basis are as follows:


		Contingent Warrant				Warrant				Derivative
(in thousands)		Liability				Liability				Liability
Balance at December 31, 2025		$	—			$	—			$	3,373
Changes in fair value included in earnings			—				—				(2,359	)
Balance at March 31, 2026		$	—			$	—			$	1,014
Extinguishment			—				—				(1,014	)
Balance at June 30, 2026		$	—			$	—			$	—


		Contingent Warrant				Warrant				Derivative
(in thousands)		Liability				Liability				Liability
Balance at December 31, 2024		$	2,727			$	13,979			$	1,492
Issuances			—				—				9,049
Changes in fair value included in earnings			(1,752	)			(12,939	)			(3,390	)
Extinguishment			(975	)			(1,040	)			(3,778	)
Balance at December 31, 2025		$	—			$	—			$	3,373

Summary of Estimated Fair Values and Carrying Values of Debt Instruments

The following table presents the estimated fair values and carrying values of debt instruments (see Note 11 — Debt):


		June 30, 2026								December 31, 2025
(in thousands)		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
2025 Credit Agreement		$	—			$	—			$	28,944			$	30,000
December 2024 Convertible Note			—				—				9,132				14,758
Additional 2024 Convertible Notes			—				—				8,974				14,560
2025 Convertible Notes			—				—				12,934				21,769
Rights offering convertible notes			—				—				44				44
Total Outstanding Debt		$	—			$	—			$	60,028			$	81,131