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Fair Value Measurement (Tables)

9 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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