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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

Fair Value of Financial Instruments Measured on a Recurring Basis

The fair value of financial instruments measured on a recurring basis is as follows (in thousands):

		As of September 30, 2025
Description		Total				Level 1				Level 2				Level 3
Assets:
Short-term investments		$	—	*		$	—	*		$	—			$	—
Total assets at fair value		$	—	*		$	—	*		$	—			$	—
Liabilities:
Warrant liabilities		$	21,325			$	—			$	—			$	21,325
Other derivative liabilities			—				—				—				—
Total liabilities at fair value		$	21,325			$	—			$	—			$	21,325

*
De minimis value

		As of December 31, 2024
Description		Total				Level 1				Level 2				Level 3
Assets:
Short-term investments		$	2			$	2			$	—			$	—
Total assets at fair value		$	2			$	2			$	—			$	—
Liabilities:
Other derivative liabilities		$	2			$	—			$	—			$	2
Total liabilities at fair value		$	2			$	—			$	—			$	2

Fair Value, Investments Measured on a Recurring Basis

The following table provides a roll-forward of short-term investments measured at fair value on a recurring basis using observable level 1 inputs for the nine months ended September 30, 2025 and 2024 (in thousands):

		Nine Months Ended September 30,
		2025				2024
Short-term investments
Balance as of beginning of period		$	2			$	15
Unrealized loss			(2	)			(12	)
Balance as of end of period		$	—	*		$	3

*
De minimis value

Liabilities Measured at Fair Value on a Recurring Basis

The following table provides a roll-forward of liabilities measured at fair value on a recurring basis using unobservable level 3 inputs for the nine months ended September 30, 2025 and 2024 (in thousands):

		Nine Months Ended September 30,
		2025				2024
Warrant liabilities
Balance as of beginning of period		$	—			$	—
Issuance of March 2025 Warrants and March 2025 Private Placement Warrants			15,520				—
Change in fair value			5,805				—
Balance as of end of period		$	21,325			$	—

		Nine Months Ended September 30,
		2025				2024
Other derivative liabilities
Balance as of beginning of period		$	2			$	74
Change in fair value			(2	)			—
Balance as of end of period		$	—			$	74

X

- Definition

Tabular disclosure of investments, 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.

+ References

No definition available.

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- Definition

Tabular disclosure of assets, 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).

+ 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

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X

- 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

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