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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 4. Fair Value Measurements 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. For more information regarding the various warrant and contingent earnout liabilities, see Note 10, Equity Instruments. The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of June 30, 2026 and December 31, 2025. Realized gains and losses, net of tax, were not material for any of the periods presented. 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). The fair value of the various warrants, contingent earnout liabilities and customer liabilities are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + 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 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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