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v3.25.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):
September 30, 2025 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | — |  |  |  | 41,846 |  |  |  | — |  |  |  | 41,846 |
Total assets |  | $ | — |  |  | $ | 41,846 |  |  | $ | — |  |  | $ | 41,846 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 6,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,884 |
Warrant liabilities - private warrants |  |  | — |  |  |  | — |  |  |  | 6,705 |  |  |  | 6,705 |
Earnout liabilities |  |  | — |  |  |  | — |  |  |  | 3,651 |  |  |  | 3,651 |
Total liabilities |  | $ | 6,884 |  |  | $ | — |  |  | $ | 10,356 |  |  | $ | 17,240 |
December 31, 2024 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 97 |  |  | $ | — |  |  | $ | — |  |  | $ | 97 |
Investments |  |  | — |  |  |  | 40,473 |  |  |  | — |  |  |  | 40,473 |
Total assets |  | $ | 97 |  |  | $ | 40,473 |  |  | $ | — |  |  | $ | 40,570 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 1,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,016 |
Warrant liabilities - private warrants |  |  | — |  |  |  | — |  |  |  | 916 |  |  |  | 916 |
Earnout liabilities |  |  | — |  |  |  | — |  |  |  | 996 |  |  |  | 996 |
Total liabilities |  | $ | 1,016 |  |  | $ | — |  |  | $ | 1,912 |  |  | $ | 2,928 |
Summary of Roll-Forward of the Level 1 Public Warrant Liability | A roll-forward of the Level 1 public warrant liability is as follows (in thousands):
Opening value at January 1, 2025 |  |  |  |  |  | $ | 1,016 |
Change in fair value during the period |  |  |  |  |  |  | 5,867 |
Ending value at September 30, 2025 |  |  |  |  |  | $ | 6,883 |
Summary of Roll-Forward of the Level 3 Private Warrant Liability | A roll-forward of the Level 3 private warrant liability is as follows (in thousands):
Opening value at January 1, 2025 |  |  |  |  |  | $ | 916 |
Change in fair value during the period |  |  |  |  |  |  | 5,789 |
Ending value at September 30, 2025 |  |  |  |  |  | $ | 6,705 |
Black Scholes Option Pricing Model [Member] |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Summary of Roll-Forward of the Level 3 Private Warrant Liability | The following table presents the assumptions used to value the private warrant liability for the three months ended September 30, 2025:
Exercise price |  |  |  |  |  | $ | 368 |
Expected volatility |  |  |  |  |  |  | 78.50 | %
Risk-free interest rate |  |  |  |  |  |  | 3.66 | %
Remaining term |  |  |  |  |  | 1.26 years |
Dividend yield |  |  |  |  |  |  | 0 | %
Earnout Shares Liability [Member] |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Level 3 Earnout Shares Liability | A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (in thousands):
Opening value at January 1, 2025 |  |  |  |  |  | $ | 996 |
Change in fair value during the period |  |  |  |  |  |  | 2,655 |
Ending value at September 30, 2025 |  |  |  |  |  | $ | 3,651 |
Summary of Assumptions used to Value Founder Shares Liability | The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the three months ended September 30, 2025:
Exercise price |  |  |  |  |  | $400-$480 |
Expected volatility |  |  |  |  |  |  | 66.3 | %
Risk-free interest rate |  |  |  |  |  |  | 3.70 | %
Remaining term |  |  |  |  |  | 1.27 years |
Dividend yield |  |  |  |  |  |  | 0 | %

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- 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
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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 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
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