Equity Warrants Classified as Derivative Liabilities |
9 Months Ended |
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Sep. 30, 2026 | |
| Equity [Abstract] | |
| Equity Warrants Classified as Derivative Liabilities | 12. Equity Warrants Classified as Derivative Liabilities Warrant Valuation Equity warrants that are classified as derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). See Note 16—“Fair Value of Financial Instruments” for additional information about the change in fair value. As of September 30, 2026 and December 31, 2025, the Company's derivative liabilities included only equity warrants and the Sponsor Shares. In September 2026, 1,977 thousand shares of public warrants and 1,040 thousand shares of private placement warrants issued in October 2019 expired. As a result, the Company's only outstanding equity warrants as of September 30, 2026 were 1,433 thousand shares of private placement warrants issued in March 2023. These March 2023 private placement warrants have an exercise price of $17.61 and an expiration date of September 8, 2028. The fair value of the March 2023 private placement warrants as of September 30, 2026 was $17.3 million. During the three and nine months ended September 30, 2026, the remeasurement of the March 2023 private placement warrants resulted in a gain in value of $14.4 million and a loss in value of $0.6 million, respectively. In May 2026, holders exercised seven thousand of the March 2023 private placement warrants, resulting in proceeds of $123 thousand to the Company in exchange for shares of Class A common stock. The Company recognized a loss on derivatives of $129 thousand related to these exercised warrants during the nine months ended September 30, 2026. The Company also has 221 thousand Class A common stock warrants outstanding that have an exercise price of $0.88 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and were included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.
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