Warrant Liabilities	3 Months Ended
Mar. 31, 2025
Warrant Liabilities
Warrant Liabilities	7. Warrant Liabilities Warrant liabilities are comprised of Private Placement Warrants. Each whole Private Placement Warrant entitles the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share and is exercisable on a cashless basis. Pursuant to the warrant agreement, a holder of Private Placement Warrants may exercise its warrants only for a whole number of shares of Class A Common Stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. The Private Placement Warrants expire on April 6, 2026, five years after the Business Combination, at 5:00 p.m., New York City time, or earlier upon liquidation. No Private Placement Warrants were exercised during the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, there were 3,053,132 Private Placement Warrants outstanding. As of March 31, 2025 and December 31, 2024, the Company recorded warrant liabilities of $44.5 million and $41.2 million in the unaudited condensed consolidated balance sheets, respectively. For the three months ended March 31, 2025 and 2024, the Company recognized a loss of $3.2 million and a gain of $18.2 million, respectively, on the change in the fair value of the warrant liabilities in the unaudited condensed consolidated statements of operations.

Warrant Liabilities

3 Months Ended

Mar. 31, 2025

Warrant liabilities are comprised of Private Placement Warrants. Each whole Private Placement Warrant entitles the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share and is exercisable on a cashless basis. Pursuant to the warrant agreement, a holder of Private Placement Warrants may exercise its warrants only for a whole number of shares of Class A Common Stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. The Private Placement Warrants expire on April 6, 2026, five years after the Business Combination, at 5:00 p.m., New York City time, or earlier upon liquidation.

No Private Placement Warrants were exercised during the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, there were 3,053,132 Private Placement Warrants outstanding.

As of March 31, 2025 and December 31, 2024, the Company recorded warrant liabilities of $44.5 million and $41.2 million in the unaudited condensed consolidated balance sheets, respectively. For the three months ended March 31, 2025 and 2024, the Company recognized a loss of $3.2 million and a gain of $18.2 million, respectively, on the change in the fair value of the warrant liabilities in the unaudited condensed consolidated statements of operations.