Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

The Company’s financial liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	As of
	September 30, 2026		December 31, 2025


Level 3



Contingent liabilities	$	-	$	166

Schedule of the Changes In Fair Value of the Company’s Level 3 Financial Instruments

A summary of the changes in fair value of the Company’s Level 3 financial instruments for the nine months ended September 30, 2026 and 2025 were as follows (in thousands):


	Contingent Liabilities
Balance at December 31, 2025	$	166


Change in fair value included in other (expense) income, net	(166)


Balance at September 30, 2026	$	—


	Series D Warrants		Common Stock Warrants		Embedded Derivative Liabilities		Contingent Liabilities		Convertible Debt		Total
Balance at December 31, 2024	$	7,882	$	10,976	$	24,931	$	—	$	—	$	43,789
Additions	—		—		—		—		119,257		119,257
Extinguishments	—		—		(41,505)		—		(124,047)		(165,552)
Change in fair value included in other (expense) income, net	(7,882)		711		16,574		2,919		4,395		16,717
Change in fair value included in interest income (expense), net	—		—		—		—		395		395
Transfers out of Level 3	—		(11,687)		—		—		—		(11,687)
Balance at September 30, 2025	$	—	$	—	$	—	$	2,919	$	—	$	2,919

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The range of assumptions used to calculate the fair value of the Series D Warrants, embedded derivative liabilities, contingent liabilities and convertible debt during the nine months ended September 30, 2025 were as follows:


	Series D Warrants	Embedded Derivative Liability	Contingent Liabilities	Convertible Debt
Interest rate	-	6.0%	-	6.0%
Risk-free rate	4.2%	3.9% - 4.3%	3.6% - 3.7%	3.9% - 4.3%
Discount rate	-	40.0%	-	40.0%
Probability weight	10.0%	1.3% - 75.0%	-	1.3% - 75.0%
Expected volatility	65.0%	65.0%	61.0% - 70.0%	65.0%
Expected term (years)	0.8	0.3 - 2.0	1.5 - 1.8	0.3 - 2.0