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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s financial instruments consist of cash, accounts payable, accrued expenses, new term loan derivative liability, warrant liability, the New Revolving Facility, and the New Term Loan. The Company believes that the carrying amounts of its financial instruments including cash, accounts payable and accrued expenses approximate their fair values due to the short-time maturities of these instruments. The condensed consolidated financial statements also include level 3 fair value measurements of private common stock warrants and the new term loan derivative liability. The Company uses a third-party valuation firm to determine the fair value of certain of the Company's financial instruments.
New Revolving Facility and New Term Loan
June 30, 2025
Carrying amountFair value
New Revolving Facility$80,617 $79,995 
New Term Loan28,280 29,097 
$108,897 $109,092 
The unamortized issuance costs as of June 30, 2025 associated with the New Revolving Facility and New Term Loan was $5.8 million and $4.7 million, respectively. The estimated fair values of the Company’s New Revolving Facility and New Term Loan were determined using Level 2 inputs based on an estimated credit rating for the Company and the trading value of debt for similar debt instruments with similar credit ratings. The Company notes that the carrying amount of the New Term Loan listed above excludes the value of the bifurcated conversion feature that is accounted for as a derivative liability and disclosed below.

Existing Revolving Facility and Existing Term Loan
December 31, 2024
Carrying amountFair value
Existing Revolving Facility
$82,582 $84,422 
Existing Term Loan
30,047 33,151 
$112,629 $117,573 
The amounts presented for December 31, 2024, relate to the Existing Revolving Facility and Existing Term Loan under the Existing Credit Facility, which was amended and restated in full on June 12, 2025.
Derivative Liability – New Term Loan

The following table provides a roll forward of the aggregate fair value of the Company’s derivative liability – new term loan:

Derivative Liability - New Term Loan
Fair Value Measurement Using
Level 1Level 2Level 3Total
Balance at December 31, 2024
$— $— $— $— 
Issuance date fair value
— — 3,558 3,558 
Balance at June 30, 2025$— $— $3,558 $3,558 

The term loan derivative liability arises from the conversion feature embedded in the New Term Loan entered into by the Company, see Note 5 for further information. The conversion feature allows the holder of the convertible debt to convert the debt into the Company's shares at a significant discount. The conversion feature is considered a derivative instrument, as it is not clearly and closely related to the host debt instrument. The fair value of the derivative liability was measured using a with and without valuation methodology. Inputs, including those considered to be unobservable, used to determine the estimated fair value of the derivative instruments include the net originations risk premium, enterprise value volatility, net originations volatility and risk-free rate. Changes in these assumptions can materially affect the fair value.
June 30, 2025
Net originations risk premium
3.0%
Enterprise value volatility
25.0%
Net originations volatility
7.0%
Risk-free rate
4.1%

Warrant Liability
Warrant liability - Public (Level 1) & Private Warrants (Level 3)
Fair Value Measurement Using
Level 1Level 2Level 3Total
Balance at December 31, 2024
$76 $— $2 $78 
Change in fair value
24 — 1 25 
Balance at June 30, 2025$100 $— $3 $103 

During the six months ended June 30, 2025 and 2024, there were no transfers between levels.