v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Measurements  
Schedule of fair value assets and liabilities measured on recurring basis

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of September 30, 2026 and December 31, 2025 (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measured at September 30, 2026

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted prices in active

  ​ ​ ​

Significant other

  ​ ​ ​

Significant

​

  ​ ​ ​

Fair value at

​

markets

​

observable inputs

​

unobservable inputs

​

​

September 30, 2026

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Convertible notes at fair value

​

$

42,894

​

 

—

​

 

—

​

$

42,894

Share payable

​

​

393

​

​

—

​

​

—

​

​

393

Total fair value

​

$

43,287

​

$

—

​

$

—

​

$

43,287

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measured at December 31, 2025

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted prices in active

  ​ ​ ​

Significant other

  ​ ​ ​

Significant

​

​

Fair value at

​

markets

​

observable inputs

​

unobservable inputs

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Contingent payable derivative liability

​

$

9,416

​

​

—

​

​

—

​

$

9,416

Convertible notes at fair value

​

​

37,276

​

​

—

​

​

—

​

​

37,276

Share payable

 

​

373

​

 

—

​

 

—

​

 

373

Total fair value

​

$

47,065

​

$

—

​

$

—

​

$

47,065

​

Schedule of changes in Level 3 liabilities measured at fair value

The following table presents changes in Level 3 liabilities measured at fair value for the nine-month period ended September 30, 2026. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs (in thousands).

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Convertible

​

​

​

​

​

Contingent Payable

​

Share

​

Notes

​

​

​

​

  ​ ​ ​

Derivative Liability

  ​ ​ ​

Payable

  ​ ​ ​

At Fair Value

  ​ ​ ​

Total

Balance - January 1, 2026

​

$

9,416

​

$

373

​

$

37,276

​

$

47,065

Additional share payable

​

​

—

​

​

849

​

​

—

​

​

849

Issuance of convertible notes at fair value

​

​

—

​

​

—

​

​

16,164

​

​

16,164

Redemption of share payable

​

​

—

​

​

(702)

​

​

—

​

​

(702)

Additions from debt extinguishment

​

​

—

​

​

—

​

​

6,381

​

​

6,381

Debt repayment

​

​

—

​

​

—

​

​

(500)

​

​

(500)

Debt conversion

​

​

—

​

​

—

​

​

(15,075)

​

​

(15,075)

Change in fair value

​

​

(9,416)

(1)

​

(127)

​

​

(1,352)

​

​

(10,895)

Balance - September 30, 2026

​

$

—

​

$

393

​

$

42,894

​

$

43,287

(1)The fair value of the contingent payable derivative liability was reduced to zero as of September 30, 2026, because the underlying performance condition required for payment is not probable prior to the note’s expiration on May 21, 2026.
Summary of Company's share payable and embedded conversion feature that are categorized within Level 3 of the fair value hierarchy on the initial issuance date and remeasured

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​

​

​

​

​

​

Share Payable

​

​

​

For the nine months ended

​

​

​

September 30, 

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

Strike price

​

$

0.15

​

$

0.24

​

Contractual term (years)

​

 

0.09

 

​

0.09

​

Volatility (annual)

​

 

53

%  

​

64

%

Risk-free rate

​

 

3.9

%  

​

4.3

%

Dividend yield (per share)

​

 

0

%  

​

0

%

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of September 30, 2026

  ​ ​ ​

As of December 31, 2025

 

​

​

Share Payable

​

Share Payable

 

Strike price

​

$

0.15

​

$

0.22

​

Contractual term (years)

​

 

0.04

​

 

0.05

​

Volatility (annual)

​

 

52

%  

 

64

%

Risk-free rate

​

 

4.0

%  

 

3.7

%

Dividend yield (per share)

​

 

0

%  

 

0

%

​