v3.26.1
Warrant Liabilities
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Warrant Liabilities Warrant Liabilities
Public Warrants
As of December 31, 2025, there was an aggregate of 3,833,317 outstanding Public Warrants. The Public Warrants did not meet the criteria to be classified in stockholders’ equity as the exercise of the Public Warrants could have been settled in cash upon the occurrence of a tender offer or exchange offer in which the maker of the tender offer or exchange offer, upon completion of the tender offer or exchange offer, beneficially owns more than 50% of the outstanding shares of the Company’s Class A common stock, even if it would not result in a change of control of the Company. This provision precluded the Public Warrants from being classified in equity and thus, they are classified as current liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2025. These warrants expired on June 10, 2026 and, as of June 30, 2026, there were no outstanding Public Warrants.
Private Warrants
As of December 31, 2025, there were 135,000 outstanding Private Warrants. The Private Warrants did not meet the criteria to be classified in stockholders’ equity as the terms of the Private Warrants provide for potential changes to the settlement amounts depending upon the characteristics of the warrant holder, and because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares. This provision precluded the Private Warrants from being classified in equity and thus, they are classified as current liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2025. These warrants expired on June 10, 2026 and, as of June 30, 2026, there were no outstanding Private Warrants.
As of December 31, 2025, the combined fair value of warrant liabilities was $0.8 million. There were no such warrant liabilities as of June 30, 2026. The Company recognized a gain of $0.4 million and a loss of $1.0 million for the three months ended June 30, 2026 and 2025, respectively, as a Change in fair value of warrant liabilities in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company recognized gains of $0.8 million and $2.4 million for the six months ended June 30, 2026 and 2025, respectively, as a Change in fair value of warrant liabilities in the Condensed Consolidated Statements of Operations and Comprehensive Loss. There were no exercises or redemptions of the Public Warrants or Private Warrants during the three and six months ended June 30, 2026 or 2025.
For further details regarding the warrant liabilities, please refer to Note 4. Fair Value of Financial Instruments.