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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table presents the assets and liabilities that the Company measures at fair value on a recurring basis included in the condensed consolidated balance sheets and indicates the level of the valuation inputs the Company utilized to determine the fair value:

												September 30,						December 31,
$ in thousands						Level						2025						2024
Assets
Available-for-sale investments						1						$	192,222					$	100,972
Short-term investments						2						—						100,000
Total assets												$	192,222					$	200,972
Liabilities
Public Warrants						1						$	6,465					$	31,034
Private Placement Warrants						3						10,464						50,249
Earnout Shares						3						55						1,958
Total liabilities												$	16,984					$	83,241

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table contains a reconciliation of the beginning and ending balances of recurring Level 3 fair value measurements included in the condensed consolidated statements of operations and comprehensive loss:

						Three Months Ended September 30,												Nine Months Ended September 30,
$ in thousands						2025						2024						2025						2024
Balance of recurring Level 3 liabilities at beginning of period						$	4,817					$	36,175					$	52,207					$	38,622
Change in Earnout Shares liability						34						(944)						(1,903)						(1,211)
Change in Private Placement Warrant liability						5,668						(17,004)						(39,785)						(19,184)
Balance of recurring Level 3 liabilities at end of period						$	10,519					$	18,227					$	10,519					$	18,227

Fair Value Measurement Inputs and Valuation Techniques

The following table contains the key inputs used in the valuations of the Private Placement Warrants:

						September 30, 2025						December 31, 2024
Term (in years)						2.69						3.44
Volatility						99.0		%				59.3		%
Risk-free rate						3.5		%				4.2		%

The following table contains the key inputs used in the valuations of the Earnout Shares:

									September 30, 2025															December 31, 2024
Term (in years)												0.69												1.43
Volatility												104.0		%										59.7		%
Risk-free rate												3.7		%										4.1		%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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

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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
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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