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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Measurements [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows:
|  | March 31, 2026 Fair Value Measurements |
(dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (money market funds) |  | $ | 960,188 |  |  | $ | - |  |  | $ | - |  |  | $ | 960,188 |
Short-term investments |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |
Publicly traded stock |  |  | 20,295 |  |  |  | - |  |  |  | - |  |  |  | 20,295 |
U.S. Treasury securities |  |  | 64,960 |  |  |  | - |  |  |  | - |  |  |  | 64,960 |
Fixed income (corporate fixed income and bonds, agency securities) |  |  | - |  |  |  | 111,660 |  |  |  | - |  |  |  | 111,660 |
Certificates of deposit |  |  | - |  |  |  | 249,937 |  |  |  | - |  |  |  | 249,937 |
Warrants in publicly traded companies |  |  | - |  |  |  | - |  |  |  | 990 |  |  |  | 990 |
Total short-term investments |  |  | 85,255 |  |  |  | 361,597 |  |  |  | 990 |  |  |  | 447,842 |
Convertible promissory note |  |  | - |  |  |  | - |  |  |  | 10,000 |  |  |  | 10,000 |
Equity investment in affiliate |  |  | - |  |  |  | - |  |  |  | 29,289 |  |  |  | 29,289 |
Note receivable from affiliate |  |  | - |  |  |  | - |  |  |  | 8,835 |  |  |  | 8,835 |
Total assets |  | $ | 1,045,443 |  |  | $ | 361,597 |  |  | $ | 49,114 |  |  | $ | 1,456,154 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government grants |  | $ | - |  |  | $ | - |  |  | $ | 3,456 |  |  | $ | 3,456 |
Warrant liabilities |  |  | - |  |  |  | - |  |  |  | 1,058,990 |  |  |  | 1,058,990 |
Contingent consideration |  |  | - |  |  |  | - |  |  |  | 128,102 |  |  |  | 128,102 |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 1,190,548 |  |  | $ | 1,190,548 |
|  | December 31, 2025 Fair Value Measurements |
(dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Government grants |  | $ | - |  |  | $ | - |  |  | $ | 3,657 |  |  | $ | 3,657 |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 3,657 |  |  | $ | 3,657 |
Schedule of Investment Unrealized Gains and Losses to Reflect Fair Value | Certificates of deposit are classified as available-for-sale investments and are recorded at amortized cost, adjusted for unrealized gains and losses to reflect fair value at each reporting date.
|  | As of March 31, 2026 |
(dollars in thousands) |  | Amortized cost basis |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 64,970 |  |  | $ | - |  |  | $ | (10 | ) |  | $ | 64,960 |
Fixed income (corporate fixed income and bonds, agency securities) |  |  | 111,970 |  |  |  | 25 |  |  |  | (335 | ) |  |  | 111,660 |
Certificates of deposit |  |  | 250,000 |  |  |  | - |  |  |  | (63 | ) |  |  | 249,937 |
Total |  | $ | 426,940 |  |  | $ | 25 |  |  | $ | (408 | ) |  | $ | 426,557 |
Schedule of Investment Marketable Equity Securities | The following table summarizes the Company’s Level 3 investments in marketable equity securities:
|  | As of March 31, 2026 |
(dollars in thousands) |  | Fair Value Hierarchy |  |  | Cost Basis |  |  | Accumulated Net Unrealized Gains |  |  | Fair Value |
Warrants exercisable for publicly traded stock |  |  | Level 3 |  |  | $ | 706 |  |  | $ | 284 |  |  | $ | 990 |
Total |  |  |  |  |  | $ | 706 |  |  | $ | 284 |  |  | $ | 990 |
Schedule of Key Assumptions of Black-Scholes Model | For the three months ended March 31, 2026, the key assumptions used in the Black-Scholes Model are as follows:
|  | As of March 31, 2026 |
Stock price |  | $ | 3.81 |
Risk-free interest rate |  |  | 3.8 | %
Expected volatility |  |  | 107.7 | %
Remaining contractual life in years |  |  | 2.39 |
Dividend yield |  |  | 0 | %
The assumptions used to estimate the fair value of warrants during the period were as follows:
|  | Range |  |  | Weighted average |
Risk-free interest rate |  |  | 4 | % |  |  | 4 | %
Expected volatility |  |  | 79-84 | % |  |  | 82 | %
Expected life (in years) |  |  | 6.5-6.8 |  |  |  | 6.7 |
Dividend yield |  |  | 0 | % |  |  | 0- | %
Schedule of Warrant Asset Measured at Fair value | The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant assets measured at fair value using significant unobservable inputs.
(dollars in thousands) |  | Warrants |
Balance as of January 1, 2026 |  | $ | 1,123 |
Warrants purchased, adjusted to fair value |  |  | - |
Net unrealized gain (loss) on change in fair value |  |  | (133 | )
Balance as of March 31, 2026 |  | $ | 990 |
The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant liabilities measured at fair value using significant unobservable inputs.
(dollars in thousands) |  | Warrant liability |
Balance as of January 1, 2026 |  | $ | 489,434 |
Fair value of warrant liability issued during the period |  |  | 1,194,019 |
Change in fair value of warrant liability |  |  | (624,463 | )
Balance as of March 31, 2026 |  | $ | 1,058,990 |
The following table reconciles the beginning and ending balances of the Company’s Level 3 contingent consideration liabilities:
(dollars in thousands) |  | Contingent Consideration |
Balance as of January 1, 2026 |  | $ | - |
Earn-out liabilities acquired at fair value |  |  | 102,682 |
Milestone liabilities acquired at fair value |  |  | 25,420 |
Changes in fair value recognized in earnings |  |  | - |
Payments |  |  | - |
Balance as of March 31, 2026 |  | $ | 128,102 |
Schedule of Liability Measured at Fair Value of Unobservable Inputs | The following table provides a reconciliation of the beginning and ending balances for the Level 3 government grant liabilities measured at fair value using significant unobservable inputs.
(dollars in thousands) |  | Government Grant Liability |
Balance as of January 1, 2026 |  | $ | 3,657 |
Government grant liability acquired in Bird Aerosystems Ltd. acquisition |  |  | 58 |
Payments made |  |  | (373 | )
Effect of foreign currency translation |  |  | 10 |
Net loss on change in fair value of liability |  |  | 104 |
Balance as of March 31, 2026 |  | $ | 3,456 |

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