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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Tables Present the Key Inputs Applied In the Valuations Warrants | The following tables present the key inputs applied in the valuations of the Series J Warrants as of December 31, 2024:
|  | December 31, 2024 |
|  | Change of Control Scenario |  |  | IPO Scenario |  |  | Default Scenario |
Average value per Series J Warrant |  | $ | 8.43 |  |  | $ | 2.86 |  |  | $ | — |
Event weighting |  |  | 55 | % |  |  | 15 | % |  |  | 30 | %
Weighted average value per Series J Warrant |  | $ | 4.64 |  |  | $ | 0.43 |  |  | $ | — |
Total probability weighted average value per Series J Warrant |  |  |  |  |  |  |  | $ | 5.07 |
The following tables present the key inputs applied in the valuations of the Common Warrants as of December 31, 2024:
|  | December 31, 2024 |
|  | Change of Control Scenario |  |  | IPO Scenario |  |  | Default Scenario |
Value per Common Warrant on a marketable basis |  | $ | 0.98 |  |  | $ | 7.03 |  |  |  | — |
Discount for lack of marketability |  |  | 40 | % |  |  | 20 | % |  | N/A |
Value per Common Warrant on a non-marketable basis |  | $ | 0.59 |  |  | $ | 5.62 |  |  | — |
Event weighting |  |  | 55 | % |  |  | 15 | % |  |  | 30 | %
Weighted value per Common Warrant |  | $ | 0.32 |  |  | $ | 0.84 |  |  |  | — |
Total probability weighted value per Common Warrant |  |  |  |  |  |  |  | $ | 1.16 |
Schedule of presents the key inputs applied in the valuation of the RPM Call Option and majority sponsortop-up | The Company uses the Black-Scholes option-pricing valuation model to value the RPM Call Option. The following table presents the key inputs applied in the valuation of the RPM Call Option as of December 31, 2024:
|  | December 31, 2024 |
Weighted average Series D Preferred Stock Price |  | $ | 16.53 |
Exercise price for the RPM Option |  | $ | 16.92 |
Risk-free rate |  |  | 4.27 | %
Volatility |  |  | 60 | %
Term (years) |  |  | 0.36 |
Black-Scholes value (per share) |  | $ | 2.29 |
Number of units |  |  | 1,820 |
Value of RPM Option |  | $ | 4,159 |
The Company uses the forward pricing valuation model to value the Majority Sponsor Top-Up. The following table presents the key inputs applied in the valuations of the Majority Sponsor Top-Up as of December 31, 2024:
|  | December 31, 2024 |
Amount subject to the Majority Sponsor Top-Up |  | $ | 20,198 |
Contractual purchase price for Series D Preferred Stock (per share) |  | $ | 16.92 |
Weighted average Series D Preferred Stock price |  | $ | 16.53 |
Risk-free rate |  |  | 4.27 | %
Term (years) |  |  | 0.36 |
Discount factor |  |  | 0.9849 |
Value of forward obligation (per share) |  | $ | (0.14 | )
Number of units subject to purchase by majority sponsor |  |  | 1,194 |
Value of Majority Sponsor Top-Up |  | $ | (170 | )
Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value |
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 622,256 |  |  | $ | — |  |  | $ | — |  |  | $ | 622,256 |
Money market funds |  |  | 372,906 |  |  |  | — |  |  |  | — |  |  |  | 372,906 |
Total financial assets |  | $ | 995,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 995,162 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Series J Warrants |  |  | — |  |  |  | 5,267 |  |  |  | — |  |  |  | 5,267 |
Total financial liabilities |  | $ | — |  |  | $ | 5,267 |  |  | $ | — |  |  | $ | 5,267 |
The carrying value of the Term Loans approximated their estimated fair value as of December 31, 2024.
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 81,847 |  |  | $ | — |  |  | $ | — |  |  | $ | 81,847 |
Restricted cash |  |  | 14,127 |  |  |  | — |  |  |  | — |  |  |  | 14,127 |
Money market funds |  |  | — |  |  |  | 41,584 |  |  |  | — |  |  |  | 41,584 |
Majority Sponsor Top-Up |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | 170 |
Total financial assets |  | $ | 95,974 |  |  | $ | 41,584 |  |  | $ | 170 |  |  | $ | 137,728 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Series J Warrants |  |  | — |  |  |  | — |  |  |  | 2,850 |  |  |  | 2,850 |
Common Warrants |  |  | — |  |  |  | — |  |  |  | 1,220 |  |  |  | 1,220 |
RPM Call Option |  |  | — |  |  |  | — |  |  |  | 4,159 |  |  |  | 4,159 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 8,229 |  |  | $ | 8,229 |

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