v3.26.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
16. Fair Value of Financial Instruments
The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
September 30, 2026
Quoted Prices in Active Markets
Significant Other Observable Input
Significant Other Unobservable Inputs
(Level 1)
(Level 2)
(Level 3)
(in thousands)
Liabilities
Private placement warrants - Issued March 2023
— 
— 
17,320 
Sponsor Shares
— 
— 
2,161 
$
— 
$
— 
$
19,481 
December 31, 2025
Quoted Prices in Active Markets
Significant Other Observable Input
Significant Other Unobservable Inputs
(Level 1)
(Level 2)
(Level 3)
(in thousands)
Liabilities
Public warrants
$
810 
$
— 
$
— 
Private placement warrants - Issued October 2019
— 
— 
245 
Private placement warrants - Issued March 2023
— 
— 
16,843 
Sponsor Shares
— 
— 
2,750 
$
810 
$
— 
$
19,838 
The carrying values of the following financial instruments approximated their fair values as of September 30, 2026 and December 31, 2025 based on their short-term maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, and other current liabilities.
There were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2026 or 2025. On September 9, 2026, 1,040 thousand of the Company's private placement warrants issued in October 2019 expired and were no longer included in the Company's fair value hierarchy as of September 30, 2026. As a result of the warrant expirations, the fair value of the private placement warrants was re-measured to $0, and the change in fair value resulted in a gain of $1.0 million in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2026 and 2025:
Sponsor Shares
Private placement warrants - Issued October 2019
Private placement warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2026
$
2,750 
$
245 
$
16,843 
Warrant exercises
— 
— 
(235)
(Gain) loss from changes in fair value
(589)
(245)
712 
Balance as of September 30, 2026
$
2,161 
$
— 
$
17,320 
Sponsor Shares
Private Placement Warrants - Issued October 2019
Private Placement Warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2025
$
1,703 
$
713 
$
13,820 
Warrant exercises
— 
— 
(10,961)
Loss from changes in fair value
1,852 
198 
16,791 
Balance as of September 30, 2025
$
3,555 
$
911 
$
19,650