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Warrant Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Schedule of Changes in Carrying Amount of Warrant Liabilities | The following table summarizes the change in carrying amount of warrant liabilities measured at fair value during the six months ended June 30, 2026 (in thousands):
| Total |  | February 2023 Warrants |  | July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
Fair value, at December 31, 2025 | $ | 84,417 |  |  | $ | 230 |  |  | $ | 293 |  |  | $ | 41,476 |  |  | $ | 42,418 |
Change in fair value | 295,413 |  |  | 13,115 |  |  | 16,704 |  |  | 109,408 |  |  | 156,186 |
Warrant exercises | (71,637) |  |  | — |  |  | — |  |  | (60,737) |  |  | (10,900) |
Fair value, at March 31, 2026 | 308,193 |  |  | 13,345 |  |  | 16,997 |  |  | 90,147 |  |  | 187,704 |
Change in fair value | 44,190 |  |  | 2,061 |  |  | 2,625 |  |  | 12,836 |  |  | 26,668 |
Fair value, at June 30, 2026 | $ | 352,383 |  |  | $ | 15,406 |  |  | $ | 19,622 |  |  | $ | 102,983 |  |  | $ | 214,372 |
The estimated fair value of the warrants was computed using the Black-Scholes option pricing model with the following key assumptions at the following dates:
| February and July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
| June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
Exercise price per share | $3.2946 |  | $3.2946 |  | $3.1010 |  | $3.1010 |  | $3.2400 |  | $3.2400
Expected term | 0.1 years |  | 0.6 years |  | 3.8 years |  | 4.3 years |  | 4.1 years |  | 4.6 years
Expected average volatility | 67.0 | % |  | 60.9 | % |  | 117.6 | % |  | 113.5 | % |  | 116.6 | % |  | 110.7 | %
Expected dividend yield | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk-free interest rate | 3.7 | % |  | 3.5 | % |  | 4.1 | % |  | 3.6 | % |  | 4.1 | % |  | 3.7 | %
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes warrant exercise activity during the six months ended June 30, 2026:
| Total |  | February 2023 Warrants |  | July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
Warrants outstanding, at December 31, 2025 | 65,053,571 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 29,024,768 |  |  | 29,629,632 |
Warrant exercises | (17,191,435) |  |  | — |  |  | — |  |  | (15,524,768) |  |  | (1,666,667) |
Warrants outstanding, at March 31, 2026 | 47,862,136 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 13,500,000 |  |  | 27,962,965 |
Warrant exercises | — |  |  | — |  |  | — |  |  | — |  |  | — |
Warrants outstanding, at June 30, 2026 | 47,862,136 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 13,500,000 |  |  | 27,962,965 |

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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 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 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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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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