XML 48 R40.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
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

%