XML 257 R36.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurement (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following table presents the Company’s fair value hierarchy for its assets and liabilities measured at fair value as of December 31, 2025 and December 31, 2024 (in thousands). All share and per share amounts included below relating to transactions prior to the Reverse Stock Split are presented at pre-split amounts:
| December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 6,857 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,857 |
Total assets | $ | 6,857 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,857 |
Liabilities: |  |  |  |  |  |  |
FPA Put Option liability | $ | — |  |  | $ | — |  |  | $ | 30,015 |  |  | $ | 30,015 |
Fixed Maturity Consideration and current FPA Put Option liability | — |  |  | — |  |  | 4,123 |  |  | 4,123 |
Brookfield Loan liability | — |  |  | — |  |  | 10,900 |  |  | 10,900 |
IPO Private Placement Warrants | — |  |  | — |  |  | 10 |  |  | 10 |
Public Warrants | — |  |  | — |  |  | 1 |  |  | 1 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 45,049 |  |  | $ | 45,049 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 30,136 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,136 |
Total assets | $ | 30,136 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,136 |
Liabilities: |  |  |  |  |  |  |
Convertible Note | $ | — |  |  | $ | — |  |  | $ | 51,112 |  |  | $ | 51,112 |
FPA Put Option liability | — |  |  | — |  |  | 30,015 |  |  | 30,015 |
Fixed Maturity Consideration | — |  |  | — |  |  | 4,123 |  |  | 4,123 |
Brookfield SAFE liability | — |  |  | — |  |  | 13,223 |  |  | 13,223 |
IPO Private Placement Warrants | — |  |  | — |  |  | 1,432 |  |  | 1,432 |
Public Warrants | 2,099 |  |  | — |  |  | — |  |  | 2,099 |
Total Liabilities | $ | 2,099 |  |  | $ | — |  |  | $ | 99,905 |  |  | $ | 102,004 |
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurement Inputs | The following table represents the inputs used in calculating the fair value of the prepaid forward contract and the Fixed Maturity Consideration as of December 31, 2024 on a pre-Reverse Stock Split basis:
|  |  |  | December 31, 2024
Stock price |  |  |  | $ | 1.37
Term (in years) |  |  |  | 0
Expected volatility |  |  |  | N/A
Risk-free interest rate |  |  |  | N/A
Expected dividend yield |  |  |  | —%
The following table represents the inputs used in calculating the fair value of the Convertible Note as of May 7, 2025 and December 31, 2024:
| May 7, 2025 |  | December 31, 2024
Stock price | $ | 0.24 |  | $ | 1.37
Term (in years) | 0 |  | 4.6
Expected volatility | —% |  | 110.0%
Risk-free interest rate | —% |  | 4.3%
Expected dividend yield | —% |  | —%
Significant inputs for Level 3 Brookfield SAFE measurement as of February 14, 2025 and December 31, 2024 are as follows:
| February 14, 2025 |  | December 31, 2024
Initial purchase amount | $ | 50,000 |  | $ | 50,000
Liquidity price | $ | 10.00 |  | $ | 10.00
Stock price | $ | 0.75 |  | $ | 1.37
Term (in years) | 0.88 |  | 3.11
Expected volatility | 60.0% |  | 67.5%
Risk-free interest rate | 4.3% |  | 4.3%
Expected dividend yield | —% |  | —%
Significant inputs for Level 3 Brookfield Loan measurement as of December 31, 2025, July 10, 2025, and February 14, 2025 are as follows:
| December 31, 2025 |  | July 10, 2025 |  | February 14, 2025
Adjusted remaining amount | $ | 25,470 |  | $ | 24,526 |  |  | $ | 10,123
Term (in years) | 3.8 |  | 3.3 |  | 1.46
Discount rate | 40.0% |  | 40.0 | % |  | 40.0%
The following table represents the weighted average inputs used in calculating the fair value of the IPO Private Placement Warrants outstanding as of December 31, 2025 and December 31, 2024. December 31, 2025 amounts reflect post-reverse Stock Split figures, whereas December 31, 2024 amounts reflect pre-Reverse Stock Split figures:
| December 31, 2025 |  | December 31, 2024
Stock price | $ | 13.76 |  | $ | 1.37
Exercise price | $ | 1,150.00 |  | $ | 11.50
Term (in years) | 2.11 |  | 3.11
Expected volatility | 115.0% |  | 97.5%
Risk-free interest rate | 3.48% |  | 4.28%
Expected dividend yield | —% |  | —%
Schedule of Change in the Fair Value of the Derivative Warrant Liabilities, Measured using Level 3 Inputs | The following tables represent reconciliations of the fair value measurements of the assets and liabilities using significant unobservable inputs (Level 3) (in thousands):
| Convertible Note |  | PIPE Warrant |  | FPA Put Option |  | Fixed Maturity Consideration |  | Brookfield SAFE |  | Brookfield Loan |  | IPO Private Placement Warrants
Balance as of January 1, 2025 | $ | (51,112) |  |  | $ | — |  |  | $ | (30,015) |  |  | $ | (4,123) |  |  | $ | (13,223) |  |  | $ | — |  |  | $ | (1,432) |
Extinguishment of the Brookfield SAFE | — |  |  | — |  |  | — |  |  | — |  |  | 13,274 |  |  | — |  |  | — |
Issuance of PIPE Warrant | — |  |  | (24,950) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of the Brookfield Loan | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,490) |  |  | — |
Partial settlement of the Brookfield Loan | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,500 |  |  | — |
Extinguishment of the Brookfield Loan | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,300 |  |  | — |
Issuance of the Amended Brookfield Loan | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,300) |  |  | — |
Reclassification of PIPE Warrant to equity | — |  |  | 16,150 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Conversion of Convertible Note to common stock | 8,132 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Loss) gain recognized in other expense, net on the consolidated statement of operations and comprehensive loss | 42,980 |  |  | 8,800 |  |  | — |  |  | — |  |  | (51) |  |  | (3,910) |  |  | 1,422 |
Balance as of December 31, 2025 | $ | — |  |  | $ | — |  |  | $ | (30,015) |  |  | $ | (4,123) |  |  | $ | — |  |  | $ | (10,900) |  |  | $ | (10) |
| Convertible Note |  | FPA Put Option |  | Fixed Maturity Consideration |  | Brookfield SAFE |  | IPO Private Placement Warrants
Balance as of January 1, 2024 | $ | — |  |  | $ | (37,523) |  |  | $ | (7,228) |  |  | $ | (25,150) |  |  | $ | (3,914) |
Issuance of the Convertible Note | (40,150) |  |  | — |  |  | — |  |  | — |  |  | — |
Partial settlement of Forward Purchase Agreement | — |  |  | 30,000 |  |  | 4,123 |  |  | — |  |  | — |
(Loss) gain recognized in other expense, net on the consolidated statement of operations and comprehensive loss | (10,962) |  |  | (22,492) |  |  | (1,018) |  |  | 11,927 |  |  | 2,482 |
Balance as of December 31, 2024 | $ | (51,112) |  |  | $ | (30,015) |  |  | $ | (4,123) |  |  | $ | (13,223) |  |  | $ | (1,432) |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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