Fair Value Measurements |
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| Fair Value Measurements | Note 8. Fair Value Measurements The following table presents information about the Company’s 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 the Company’s utilized to determine such fair value:
Warrant Liability Upon closing of the Mergers, Iris’ public and private placement warrants were converted into warrants of the Company, which entitle the holders to purchase shares of the Company’s common stock. The Company’s private placement warrants meet the requirements for liability classification. The fair value of the warrant liabilities were determined using observable data points, such as the fair value of the public warrants as of June 30, 2026 and December 31, 2025. The Company further considered specific unobservable inputs, such as the probability and timing of events and the expected equity value of the underlying shares. The changes in fair value of Level 3 financial assets and liabilities for the six months ended June 30, 2026 are as follows:
The changes in fair value of Level 3 financial assets and liabilities for the six months ended June 30, 2025 are as follows:
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