XML 138 R31.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Measurements [Abstract]  
Schedule of Liabilities Subject to Fair Value Measurements

Liabilities subject to fair value measurements are as follows:

 

As of December 31, 2024

   

Level 1

 

Level 2

 

Level 3

 

Total

Liabilities

 

 

   

 

   

 

   

 

 

Earnout Shares liability

 

$

 

$

 

$

24,524,000

 

$

24,524,000

True Up Shares liability

 

 

 

 

 

 

2,189,000

 

 

2,189,000

Subject Vesting Shares liability

 

 

 

 

 

 

7,819,000

 

 

7,819,000

Total liabilities

 

$

 

$

 

$

34,532,000

 

$

34,532,000

Schedule of Estimated Fair Value Earnout Shares Assumptions such as risk-free rate, stock price, volatility, and discount rate were based on market data. See the following summary of key inputs:
 

As of
December 31,
2024

 

As of
March 14,
2024

Stock Price(1)

 

$

7.97

 

 

$

10.00

 

Volatility

 

 

40

%

 

 

35

%

Risk free rate of return

 

 

4.30

%

 

 

4.24

%

Expected term (in years)

 

 

4.2

 

 

 

5.0

 

(1)      At March 14, 2024, the $10.00 price represents the Business Combination price.

Schedule of Earnout Share Liability

The following table presents the changes in the fair value of the Earnout Shares liability:

 

Year Ended
December 31,
2024

Earnout Shares Liability as of December 31, 2023

 

$

 

Expensed as transaction costs of business combination

 

 

53,721,000

 

Change in fair value

 

 

(29,197,000

)

Balance as of December 31, 2024

 

$

24,524,000

 

Schedule of True Up Shares liability

The following table presents the changes in the fair value of the True Up Shares liability:

 

Year Ended
December 31,
2024

True Up Share Liability as of December 31, 2023

 

$

Assumed in the Business Combination

 

 

555,000

Change in fair value

 

 

1,634,000

Balance as of December 31, 2024

 

$

2,189,000

Schedule of Vesting Shares Liability

The following table presents the changes in the fair value of the Subject Vesting Shares liability:

 

Year Ended
December 31,
2024

Subject Vesting Shares liability as of December 31, 2023

 

$

 

Assumed in the Business Combination

 

 

11,792,000

 

Change in fair value

 

 

(3,973,000

)

Balance as of December 31, 2024

 

$

7,819,000