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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Measurements |
Schedule of fair value hierarchy used to measure financial assets and liabilities | The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of September 30, 2025 and December 31, 2024, respectively (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025
​ |  | Level 1 |  | Level 2 |  | Level 3
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 20,884 | ​ | $ | — | ​ | $ | —
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasury securities | ​ | ​ | — | ​ | ​ | 420,850 | ​ | ​ | —
Long-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasury securities | ​ | ​ | — | ​ | ​ | 111,955 | ​ | ​ | —
Total Assets | ​ | $ | 20,884 | ​ | $ | 532,805 | ​ | $ | —
Liabilities: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Derivative warrant liability – Public Warrants | ​ | $ | 214,316 | ​ | $ | — | ​ | $ | —
Derivative warrant liability – Private Warrants | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26,421
Total Liabilities | ​ | $ | 214,316 | ​ | $ | — | ​ | $ | 26,421
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 29,806 | ​ | $ | — | ​ | $ | —
U.S. treasury security | ​ | ​ | — | ​ | ​ | 24,835 | ​ | ​ | —
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasury securities | ​ | ​ | — | ​ | ​ | 124,420 | ​ | ​ | —
Long-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasury security | ​ | ​ | — | ​ | ​ | 25,068 | ​ | ​ | —
Total Assets | ​ | $ | 29,806 | ​ | $ | 174,323 | ​ | $ | —
Liabilities: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Derivative warrant liability – Public Warrants | ​ | $ | 70,265 | ​ | $ | — | ​ | $ | —
Derivative warrant liability – Private Warrants | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22,830
Earn-out liabilities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 45,897
Total Liabilities | ​ | $ | 70,265 | ​ | $ | — | ​ | $ | 68,727
Schedule of changes in the fair value of Level 3 financial instruments | A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the nine months ended September 30, 2025, and September 30, 2024 is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Derivative |  | ​
​ | ​ | Warrant Liability - | ​ | Earn-out
​ |  | Private Warrants |  | Liabilities
Balance – December 31, 2024 | ​ | $ | 22,830 | ​ | $ | 45,897
Change in fair value - three months ended March 31, 2025 | ​ | ​ | (7,760) | ​ | ​ | (8,837)
Vesting of Promote Sponsor Vesting Shares | ​ | ​ | — | ​ | ​ | (32,946)
Transfer of Private Warrants to Public Warrants - three months ended March 31, 2025 | ​ | ​ | (7,316) | ​ | ​ | —
Change in fair value - three months ended June 30, 2025 | ​ | ​ | 3,906 | ​ | ​ | 2,257
Transfer of Private Warrants to Public Warrants - three months ended June 30, 2025 | ​ | ​ | (224) | ​ | ​ | —
Change in fair value - three months ended September 30, 2025 | ​ | ​ | 19,120 | ​ | ​ | 4,062
Vesting of Sponsor Redemption-Based Vesting Shares | ​ | ​ | — | ​ | ​ | (10,433)
Transfer of Private Warrants to Public Warrants - three months ended September 30, 2025 | ​ | ​ | (4,135) | ​ | ​ | —
Balance – September 30, 2025 | ​ | $ | 26,421 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance – December 31, 2023 | ​ | $ | 1,604 | ​ | $ | 2,155
Change in fair value - three months ended March 31, 2024 | ​ | ​ | 1,505 | ​ | ​ | 1,621
Change in fair value - three months ended June 30, 2024 | ​ | ​ | (1,145) | ​ | ​ | (1,315)
Change in fair value - three months ended September 30, 2024 | ​ | ​ | (655) | ​ | ​ | (820)
Balance – September 30, 2024 | ​ | $ | 1,309 | ​ | $ | 1,641
​

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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