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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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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.

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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).

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