Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):
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September 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Investments |
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$ |
43,346 |
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$ |
- |
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$ |
- |
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$ |
43,346 |
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Total assets |
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$ |
43,346 |
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$ |
- |
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$ |
- |
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$ |
43,346 |
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Liabilities |
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Warrant liabilities |
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$ |
11,202 |
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$ |
- |
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$ |
- |
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$ |
11,202 |
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Earnout liabilities |
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- |
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- |
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3,866 |
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3,866 |
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Total liabilities |
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$ |
11,202 |
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$ |
- |
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$ |
3,866 |
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$ |
15,068 |
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Investments |
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$ |
- |
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$ |
40,788 |
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$ |
- |
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$ |
40,788 |
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Total assets |
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$ |
- |
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$ |
40,788 |
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$ |
- |
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$ |
40,788 |
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Liabilities |
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Warrant liabilities |
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$ |
6,217 |
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$ |
- |
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$ |
5,579 |
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$ |
11,796 |
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Earnout liabilities |
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$ |
- |
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$ |
- |
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4,281 |
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4,281 |
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Total liabilities |
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$ |
6,217 |
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$ |
- |
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$ |
9,860 |
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$ |
16,077 |
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| Summary of Roll-Forward of the Level 1 Warrant Liabilities |
A roll-forward of the Level 1 warrant liabilities is as follows (in thousands):
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Opening value at January 1, 2025 |
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$ |
1,016 |
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Change in fair value during the period |
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5,201 |
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Ending value at December 31, 2025 |
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6,217 |
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Transfer of private warrants from level 3 |
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13,834 |
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Warrants exercised |
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(40 |
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Change in fair value during the period |
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(8,809 |
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Ending value at September 30, 2026 |
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$ |
11,202 |
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A roll-forward of the Level 3 warrant liabilities is as follows (in thousands):
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Opening value at January 1, 2025 |
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$ |
916 |
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Change in fair value during the period |
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4,663 |
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Ending value at December 31, 2025 |
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5,579 |
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Change in fair value during the period |
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8,255 |
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Transfer of private warrants to level 1 |
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(13,834 |
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Ending value at September 30, 2026 |
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$ |
- |
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| Earnout Shares Liabilities [Member] |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
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| Schedule of Level 3 Earnout Shares Liabilities |
A roll-forward of the Level 3 Founder Holder Earnout Shares liabilities is as follows (in thousands):
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Opening value at January 1, 2025 |
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$ |
996 |
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Change in fair value during the period |
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3,285 |
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Ending value at December 31, 2025 |
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4,281 |
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Change in fair value during the period |
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(415 |
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Ending value at September 30, 2026 |
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$ |
3,866 |
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| Summary of Assumptions used to Value Founder Shares Liability |
The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the period ended September 30, 2026:
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Share price hurdles |
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$400-$480 |
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Expected volatility |
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58.7 |
% |
Risk-free interest rate |
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4.20 |
% |
Remaining term |
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0.27 |
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Dividend yield |
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0 |
% |
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