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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of presents the key inputs applied in the valuation of the RPM Call Option and majority sponsortop-up | The Company used a Black-Scholes option-pricing valuation model to value the Series J Warrants as of March 31, 2026. The following table presents the key inputs applied in the valuation of the Series J Warrants:
| March 31, 2026 |
Common stock price | $ |  | 28.47 |
Exercise price for the Series J Warrants | $ |  | 21.17 |
Risk-free rate |  | 4.09%-4.14% |
Volatility |  | 94.0%-99.0% |
Term (years) |  | 7.30-8.14 |
Black-Scholes value (per share) | $ | 24.70-24.80 |
Number of warrants |  |  | 646 |
Value of Series J Warrants | $ |  | 15,978 |
The following tables present the key inputs applied in the valuation of the Series J Warrants as of December 31, 2025:
| December 31, 2025 |
Common stock price | $ |  | 22.37 |
Exercise price for the Series J Warrants | $ |  | 21.17 |
Risk-free rate |  | 3.94%-4.01% |
Volatility |  | 92.5%-97.5% |
Term (years) |  | 7.55-8.39 |
Black-Scholes value (per share) | $ | 19.00-19.06 |
Number of warrants |  |  | 646 |
Value of Series J Warrants | $ |  | 12,294 |
Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value | The fair value of the Series J Warrants on March 31, 2026 was $16.0 million.
|  | March 31, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 275,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 275,880 |
Money market funds |  |  | 50,299 |  |  |  | — |  |  |  | — |  |  |  | 50,299 |
Time deposits |  |  | 225,447 |  |  |  | — |  |  |  | — |  |  |  | 225,447 |
Total financial assets |  | $ | 551,626 |  |  | $ | — |  |  | $ | — |  |  | $ | 551,626 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Series J Warrants |  | $ | — |  |  | $ | 15,978 |  |  | $ | — |  |  | $ | 15,978 |
Total financial liabilities |  | $ | — |  |  | $ | 15,978 |  |  | $ | — |  |  | $ | 15,978 |
The fair value of the Series J Warrants on December 31, 2025 was $12.3 million.
|  | December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 787,747 |  |  | $ | — |  |  | $ | — |  |  | $ | 787,747 |
Money market funds |  |  | — |  |  |  | 5,219 |  |  |  | — |  |  |  | 5,219 |
Time deposits |  |  | 100,008 |  |  |  | — |  |  |  | — |  |  |  | 100,008 |
Total financial assets |  | $ | 887,755 |  |  | $ | 5,219 |  |  | $ | — |  |  | $ | 892,974 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Series J Warrants |  | $ | — |  |  | $ | 12,294 |  |  | $ | — |  |  | $ | 12,294 |
Total financial liabilities |  | $ | — |  |  | $ | 12,294 |  |  | $ | — |  |  | $ | 12,294 |

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