v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

 

We account for certain liabilities at fair value and classify these liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). There were no assets measured at fair value as of June 30, 2026 and December 31, 2025.

 

Liabilities subject to fair value measurements are as follows:

 

   As of June 30, 2026 
   Level 1   Level 2   Level 3   Total 
Liabilities
Derivative warrant liabilities – public  $25,880   $
       -
   $
      -
   $25,880 
Derivative warrant liabilities – private placement   14,550    
-
    
-
    14,550 
Total liabilities  $40,430   $
-
   $
-
   $40,430 

 

   As of December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Liabilities
Derivative warrant liabilities – public  $10,350   $
       -
   $
       -
   $10,350 
Derivative warrant liabilities – private placement   5,820    
-
    
-
    5,820 
Total liabilities  $16,170   $
-
   $
-
   $16,170 

Warrant liabilities

 

The public warrants are separately listed and traded in an active market and have been measured at fair value utilizing their listed trading price. The estimated fair value of private placement warrants as of June 30, 2026 and December 31, 2025 was based on the fair value of the public warrants.

 

For the three months ended June 30, 2026 and 2025, the Company recognized expense and income, respectively, from the increase and decrease, respectively, in the fair value of liabilities of $25,600 and $4,040, respectively, presented as a change in fair value of derivative warrant liabilities in the accompanying condensed consolidated statements of operations. For the six months ended June 30, 2026 and 2025, the Company recognized expense and income, respectively, the increase and decrease, respectively, in the fair value of liabilities of $24,260 and $8,080, respectively, presented as a change in fair value of derivative warrant liabilities in the accompanying condensed consolidated statements of operations.