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Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Summary of Company's Assets and Liabilities Measured Fair Value On Recurring Basis | The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy:
|  | As of September 30, 2025 |
(Amounts in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |
Mutual funds |  | $ | 3,836 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,836 |
U.S. Government money market funds |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | 41 |
Committed equity facility |  |  | — |  |  |  | — |  |  |  | 125 |  |  |  | 125 |
Total assets, measured at fair value |  | $ | 3,877 |  |  | $ | — |  |  | $ | 125 |  |  | $ | 4,002 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unissued shares of common stock |  | $ | 155 |  |  | $ | — |  |  | $ | — |  |  | $ | 155 |
Other earnout shares |  |  | — |  |  |  | — |  |  |  | 20,561 |  |  |  | 20,561 |
Total liabilities, measured at fair value |  | $ | 155 |  |  | $ | — |  |  | $ | 20,561 |  |  | $ | 20,716 |
|  | As of December 31, 2024 |
(Amounts in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |
U.S. Government treasury securities |  | $ | 30,580 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,580 |
U.S. Government money market funds |  |  | 9,247 |  |  |  | — |  |  |  | — |  |  |  | 9,247 |
Mutual funds |  |  | 5,067 |  |  |  | — |  |  |  | — |  |  |  | 5,067 |
Total assets, measured at fair value |  | $ | 44,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,894 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 convertible notes |  | $ | — |  |  | $ | — |  |  | $ | 132,687 |  |  | $ | 132,687 |
Pay-to-Play convertible notes |  |  | — |  |  |  | — |  |  |  | 15,942 |  |  |  | 15,942 |
Legacy warrants |  |  | — |  |  |  | — |  |  |  | 14,711 |  |  |  | 14,711 |
Total liabilities, measured at fair value |  | $ | — |  |  | $ | — |  |  | $ | 163,340 |  |  | $ | 163,340 |
| The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair hierarchy (in thousands):
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government treasury securities |  | $ | 30,580 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,580 |
U.S. Government money market funds |  |  | 9,247 |  |  |  | — |  |  |  | — |  |  |  | 9,247 |
Mutual funds |  |  | 5,067 |  |  |  | — |  |  |  | — |  |  |  | 5,067 |
Total assets, measured at fair value |  | $ | 44,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,894 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pay-to-Play convertible notes |  | $ | — |  |  | $ | — |  |  | $ | 15,942 |  |  | $ | 15,942 |
2023 Convertible notes |  |  | — |  |  |  | — |  |  |  | 132,687 |  |  |  | 132,687 |
Warrant liabilities |  |  | — |  |  |  | — |  |  |  | 14,711 |  |  |  | 14,711 |
Total liabilities, measured at fair value |  | $ | — |  |  | $ | — |  |  | $ | 163,340 |  |  | $ | 163,340 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pay-to-Play convertible notes |  | $ | — |  |  | $ | — |  |  | $ | 14,641 |  |  | $ | 14,641 |
2023 Convertible notes |  |  | — |  |  |  | — |  |  |  | 18,064 |  |  |  | 18,064 |
Warrant liabilities |  |  | — |  |  |  | — |  |  |  | 3,730 |  |  |  | 3,730 |
Total liabilities, measured at fair value |  | $ | — |  |  | $ | — |  |  | $ | 36,435 |  |  | $ | 36,435 |
Summary of Changes Fair Values of Liabilities | The change in the fair values of the Company’s Level 3 instruments during the three and nine months ended September 30, 2025 and 2024, were as follows:
(Amounts in thousands) |  | Committed equity facility |  |  | Pay-to-Play convertible notes |  |  | 2023 convertible notes |  |  | Legacy warrants |  |  | Other earnout shares |  |  | Total |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 15,942 |  |  | $ | 132,687 |  |  | $ | 14,711 |  |  | $ | — |  |  | $ | 163,340 |
Issuance of other earnout shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 126,024 |  |  |  | 126,024 |
Committed equity facility - day one put option |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 443 |
Committed equity facility - drawdown forward contracts |  |  | (255 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (255 | )
Change in estimated fair value |  |  | (63 | ) |  |  | 27,232 |  |  |  | 138,471 |  |  |  | 60,345 |  |  |  | (105,463 | ) |  |  | 120,522 |
Conversion to common stock |  |  | — |  |  |  | (43,174 | ) |  |  | (271,158 | ) |  |  | (75,056 | ) |  |  | — |  |  |  | (389,388 | )
Balance as of September 30, 2025 |  | $ | 125 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,561 |  |  | $ | 20,686 |
(Amounts in thousands) |  | Committed equity facility |  |  | Pay-to-Play convertible notes |  |  | 2023 convertible notes |  |  | Legacy warrants |  |  | Other earnout shares |  |  | Total |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,763 |  |  | $ | 16,763 |
Committed equity facility - day one put option |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 443 |
Committed equity facility - drawdown forward contracts |  |  | (255 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (255 | )
Change in estimated fair value |  |  | (63 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,798 |  |  |  | 3,735 |
Balance as of September 30, 2025 |  | $ | 125 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,561 |  |  | $ | 20,686 |
(Amounts in thousands) |  | Committed equity facility |  |  | Pay-to-Play convertible notes |  |  | 2023 convertible notes |  |  | Legacy warrants |  |  | Other earnout shares |  |  | Total |
Balance as of December 31, 2023 |  | $ | — |  |  | $ | 14,641 |  |  | $ | 18,064 |  |  | $ | 3,730 |  |  | $ | — |  |  | $ | 36,435 |
Issuance of 2023 convertible notes and related warrants |  |  | — |  |  |  | — |  |  |  | 105,902 |  |  |  | 4,816 |  |  |  | — |  |  |  | 110,718 |
Issuance of common stock warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 464 |  |  |  | — |  |  |  | 464 |
Change in estimated fair value |  |  | — |  |  |  | 1,336 |  |  |  | 24,585 |  |  |  | (1,255 | ) |  |  | — |  |  |  | 24,666 |
Balance as of September 30, 2024 |  | $ | — |  |  | $ | 15,977 |  |  | $ | 148,551 |  |  | $ | 7,755 |  |  | $ | — |  |  | $ | 172,283 |
(Amounts in thousands) |  | Committed equity facility |  |  | Pay-to-Play convertible notes |  |  | 2023 convertible notes |  |  | Legacy warrants |  |  | Other earnout shares |  |  | Total |
Balance as of June 30, 2024 |  | $ | — |  |  | $ | 16,042 |  |  | $ | 133,088 |  |  | $ | 7,665 |  |  | $ | — |  |  | $ | 156,795 |
Change in estimated fair value |  |  | — |  |  |  | (65 | ) |  |  | 15,463 |  |  |  | 90 |  |  |  | — |  |  |  | 15,488 |
Balance as of September 30, 2024 |  | $ | — |  |  | $ | 15,977 |  |  | $ | 148,551 |  |  | $ | 7,755 |  |  | $ | — |  |  | $ | 172,283 |
| The change in the fair value of the Level 3 liabilities during the years ended December 31, 2024 and 2023 was as follows (in thousands):
|  | Pay-to-Play Convertible notes |  |  | 2023 Convertible notes |  |  | Warrant liabilities |  |  | Total |
Balance at January 1, 2023 |  | $ | 3,139 |  |  | $ | — |  |  | $ | 529 |  |  | $ | 3,668 |
Reinstatement of common stock warrants as preferred stock warrants |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 61 |
Issuance of Pay-to-Play convertible notes and related warrants |  |  | 8,717 |  |  |  | — |  |  |  | 565 |  |  |  | 9,282 |
Common rights offering |  |  | 142 |  |  |  | — |  |  |  | — |  |  |  | 142 |
Issuance of 2023 convertible notes and related warrants |  |  | — |  |  |  | 11,175 |  |  |  | 1,125 |  |  |  | 12,300 |
Issuance of Pre-funded common stock warrants |  |  | — |  |  |  | — |  |  |  | 505 |  |  |  | 505 |
Change in estimated fair value |  |  | 2,643 |  |  |  | 6,889 |  |  |  | 945 |  |  |  | 10,477 |
Balance at December 31, 2023 |  | $ | 14,641 |  |  | $ | 18,064 |  |  | $ | 3,730 |  |  | $ | 36,435 |
Issuance of 2023 convertible note warrants and related warrants |  |  | — |  |  |  | 105,902 |  |  |  | 4,816 |  |  |  | 110,718 |
Issuance of Pre-funded common stock warrants |  |  | — |  |  |  | — |  |  |  | 464 |  |  |  | 464 |
Change in estimated fair value |  |  | 1,301 |  |  |  | 8,721 |  |  |  | 5,701 |  |  |  | 15,723 |
Balance at December 31, 2024 |  | $ | 15,942 |  |  | $ | 132,687 |  |  | $ | 14,711 |  |  | $ | 163,340 |

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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 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: 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 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 assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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