XML 35 R28.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:
|  | Fair Value Measured as of June 30, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (i) |  | $ | 48,845 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,845 |
Total financial assets |  | $ | 48,845 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,845 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrant liabilities (2022 Private Warrant) (iv) |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
Common stock warrant liabilities (Placement Agent Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | 39 |
Common stock warrant liabilities (BEPO Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 67 |  |  |  | 67 |
Common stock warrant liabilities (BEPO Agent Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 42 |  |  |  | 42 |
Contingent earnout liabilities |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 151 |  |  | $ | 151 |
|  | Fair Value Measured as of December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (i) |  | $ | 37,124 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,124 |
Customer deposit— non cash consideration (ii) |  |  | — |  |  |  | — |  |  |  | 1,158 |  |  |  | 1,158 |
Total financial assets |  | $ | 37,124 |  |  | $ | — |  |  | $ | 1,158 |  |  | $ | 38,282 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Customer liabilities— non cash consideration (iii) |  | $ | — |  |  | $ | — |  |  | $ | 1,158 |  |  | $ | 1,158 |
Common stock warrant liabilities (2022 Private Warrant) (iv) |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Common stock warrant liabilities (Placement Agent Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | 29 |
Common stock warrant liabilities (BEPO Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 48 |  |  |  | 48 |
Common stock warrant liabilities (BEPO Agent Warrants) (iv) |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 30 |
Contingent earnout liabilities |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 1,268 |  |  | $ | 1,268 |
(i) Included in cash and cash equivalents on the unaudited condensed consolidated balance sheets. (ii) Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. (iii) Included in accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets. (iv) Included in warrant liabilities on the unaudited condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:
|  | 2022 Private Warrant (i) |  |  | Contingent earnout liabilities (ii) |  |  | Placement Agent Warrants (i) |  |  | BEPO Warrants (i) |  |  | BEPO Agent Warrants |  |  | Customer liabilities— non cash consideration (iii) |
|  | (In thousands) |
Fair value as of January 1, 2026 |  | $ | 2 |  |  | $ | 1 |  |  | $ | 29 |  |  | $ | 48 |  |  | $ | 30 |  |  | $ | 1,158 |
Change in fair value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Change due to conversion |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,158 | )
Fair value as of March 31, 2026 |  | $ | 2 |  |  | $ | 1 |  |  | $ | 29 |  |  | $ | 48 |  |  | $ | 30 |  |  | $ | — |
Change in fair value |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 19 |  |  |  | 12 |  |  |  | — |
Change due to conversion |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value as of June 30, 2026 |  | $ | 2 |  |  | $ | 1 |  |  | $ | 39 |  |  | $ | 67 |  |  | $ | 42 |  |  | $ | — |
|  | 2022 Private Warrant (i) |  |  | Contingent earnout liabilities (ii) |  |  | RDO Warrants (i) |  |  | Placement Agent Warrants (i) |  |  | 2024 Private Warrants (ii) |  |  | BEPO Warrants (i) |  |  | BEPO Agent Warrants |  |  | July 2024 Private Warrants (i) |  |  | August Inducement Warrants (i) |
| (In thousands) |
Fair value as of January 1, 2025 |  | $ | 1 |  |  | $ | 11 |  |  | $ | 90 |  |  | $ | 16 |  |  | $ | 2 |  |  | $ | 378 |  |  | $ | 18 |  |  | $ | 866 |  |  | $ | 796 |
Change in fair value |  |  | (1 | ) |  |  | — |  |  |  | 55 |  |  |  | (13 | ) |  |  | (1 | ) |  |  | 176 |  |  |  | (14 | ) |  |  | 440 |  |  |  | 402 |
Change due to exchange |  |  | — |  |  |  | — |  |  |  | (145 | ) |  |  | — |  |  |  | (1 | ) |  |  | (548 | ) |  |  | — |  |  |  | (1,306 | ) |  |  | (1,198 | )
Fair value as of March 31, 2025 |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Change in fair value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value as of June 30, 2025 |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
i. In determining the fair value the Company used the Monte Carlo simulation model using a distribution of potential outcomes on a weekly basis over the applicable periods that assumes optimal exercise of the Company’s redemption option at the earliest possible date (see Note 10, Equity Instruments). ii. In determining the fair value the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 10, Equity Instruments). iii. In determining the fair value the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 6, Balance Sheet Components).

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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). + 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration