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Warrant Liabilities (Tables)

6 Months Ended

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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- References

No definition available.

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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

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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

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