v3.26.1
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Fair Value of the Derivative Liability
A summary of the changes in the fair value of the derivative liabilities Level 3 rollforward is as follows (in thousands):
Three Months Ended June 30, 2026
Beginning balance at June 4, 2026$47,051 
Change in fair value in net gain(4,113)
Ending balance at June 30, 2026$42,938 
The summary of the changes in the fair value of the warrant liabilities Level 3 rollforward is as follows (in thousands):
Three Months Ended June 30, 2026
Beginning balance at June 4, 2026$19,893 
Change in fair value in net gain(1,602)
Ending balance at June 30, 2026$18,291 
Schedule of Net Carrying Amount of 2027 Notes
The net carrying amount of the 2027 Notes and 2030 Notes was as follows (in thousands):
June 30, 2026December 31, 2025
Principal amount(1)
$84,122 $200,000 
Unamortized debt discount(2)
(46,789)(1,398)
Unamortized debt issuance cost(3)
(1,188)(94)
Net carrying amount$36,145 $198,508 
_________
(1) As of June 30, 2026, the principal amount includes the 2027 Notes' principal amount of $18.9 million remaining after the Exchange Offer and the 2030 Notes' principal amount of $65.2 million. As of December 31, 2025, the principal amount includes the 2027 Notes' principal amount outstanding prior to the Exchange Offer.
(2) The amount as of June 30, 2026 represents the unamortized embedded derivative in the 2030 Notes, recorded as a single derivative, bifurcated from the host and recorded as a discount in accordance with ASC 815. The Embedded Derivative discount is being amortized to interest expense over the term of the 2030 Notes.
(3) Upon closing of the Exchange Offer, unamortized debt issuance costs associated with the 2027 Notes in the amount of $0.9 million were written off to gain on debt extinguishment in the Company's condensed consolidated statement of operations and comprehensive loss for the quarter ended June 30, 2026.
Schedule of Interest Expense Recognized
The following table sets forth the interest expense recognized related to the 2027 and 2030 Notes (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Contractual interest expense$2,164 $2,500 $4,664 $5,000 
Amortization of debt discount517 229 756 455 
Amortization of debt issuance cost24 15 40 31 
Total interest expense related to the 2027 Notes$2,705 $2,744 $5,460 $5,486