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Fair Value Measurements (Tables)

9 Months Ended

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

​

X

- 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.

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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

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