v3.26.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Derivatives Fair Value Assumptions
The table below presents the value of the 2026 Notes Conversion Option under the Binomial Lattice Model using the following assumptions as of the following dates:
September 30,
2026		December 31,
2025
Value of 2026 Notes Conversion Option ($ thousands)
$—$1,585
Conversion price (dollars)
$10.61$10.61
Common stock price (dollars)
$2.65$5.40
Expected option term (years)0.20.9
Expected volatility110.00%110.00%
Risk-free rate of return4.10%3.50%
Expected annual dividend yield—%—%
The table below presents the value of the 2029 Notes Conversion Option under the as-converted basis using the following assumptions as of the following dates:

December 31,
2025
Value of 2029 Notes Conversion Option ($ thousands)
$98,756
Conversion price (dollars)
$3.55
Common stock price (dollars)
$5.40
Expected option term (years)4.0
Expected volatilityN/A
Risk-free rate of return3.60%
Expected annual dividend yield—%
The table below presents the value of the 2025 RDO warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
September 30,
2026		December 31,
2025
Value of each 2025 RDO warrant (dollars)
$1.65$4.36
Exercise price (dollars)
$9.00$9.00
Common stock price (dollars)
$2.65$5.40
Expected option term (years)3.84.6
Expected volatility120.00%130.00%
Risk-free rate of return4.98%3.66%
Expected annual dividend yield—%—%
The table below presents the value of the IPO private warrants under the Black-Scholes OPM using the following assumptions as of the following dates:
September 30,
2026		December 31,
2025
Fair value of each IPO private warrant (dollars)
$0.08$1.75
Exercise price (dollars)
$11.50$11.50
Common stock price (dollars)
$2.65$5.40
Expected option term (years)
0.20.9
Expected volatility200.00%140.00%
Risk-free rate of return4.09%3.46%
Expected annual dividend yield—%—%
Schedule of Derivatives Change in Fair Value The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Gain (loss) on change in fair value of 2026 Notes Conversion Option$248 $142 $1,585 $(2,326)
The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Loss on change in fair value of 2029 Notes Conversion Option$— $(71,871)$(28,291)$(125,175)
The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Loss on change in fair value of 2024 RDO Warrants
$— $— $— $(14,294)
The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Gain (loss) on change in fair value of 2025 RDO Warrants$3,959 $1,244 $10,217 $(1,546)
The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Gain on change in fair value of 2024 PIPE Warrants
$— $— $— $270 
The following was recognized as a result of the change in fair value and is presented in net increase in fair value of derivatives on the condensed consolidated statements of operations and comprehensive (loss) income:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Gain on change in fair value of IPO private warrants$21 $39 $121 $109 
Schedule of Warrants Issued and Outstanding
The table below presents the Company’s IPO public warrants issued and outstanding as of the following periods:
September 30,
2026		December 31,
2025
IPO public warrants issued 12,252,439 12,252,439 
IPO public warrants outstanding12,252,439 12,252,439 
The table below presents the Company’s IPO private warrants issued and outstanding as of the following periods:
September 30,
2026		December 31,
2025
IPO private warrants issued73,333 73,333 
IPO private warrants outstanding73,333 73,333