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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value, Liabilities Measured on Recurring Basis | The fair value of financial instruments measured on a recurring basis is as follows (in thousands):
|  | As of June 30, 2026
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial liabilities: |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 62,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,145 |
Notes |  | $ | 34,932 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,932 |
Total financial liabilities at fair value |  | $ | 97,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,077 |
|  | As of December 31, 2025
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial liabilities: |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 25,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,985 |
Notes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total financial liabilities at fair value |  | $ | 25,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,985 |
Liabilities Measured at Fair Value on a Recurring Basis | The following table provides a roll-forward of the warrant financial liability measured at fair value on a recurring basis using unobservable level 3 inputs for the six months ended June 30, 2026 and 2025 (in thousands):
| Six Months Ended June 30,
| 2026 |  | 2025
Warrant liabilities |  |  |
Balance as of beginning of period | $ | 25,985 |  |  | $ | — |
Issuance of March 2025 Warrants and March 2025 Private Placement Warrants | — |  |  | 15,520 |
Warrant exercises | (7,817) |  |  | — |
Change in fair value | 43,977 |  |  | (3,720) |
Balance as of end of period | $ | 62,145 |  |  | $ | 11,800 |
The following table provides a roll-forward of the Notes financial liability measured at fair value on a recurring basis using unobservable level 3 inputs for the period from April 21, 2026 through June 30, 2026 (in thousands):
Fair value at April 21, 2026 (issuance) |  | $ | 35,000 |
Fair value change reported in statements of operations |  | 213 |
Change in fair value reported in other comprehensive loss |  | — |
Interest payments |  | (281) |
Fair value at June 30, 2026 |  | $ | 34,932 |

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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 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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- 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 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 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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