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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy as of September 30, 2025 and December 31, 2024, are summarized as follows:

			September 30, 2025
			Level 1						Level 2						Level 3						Total
			(In thousands)
Assets
Cash equivalents - money market funds			$	51,739					$	—					$	—					$	51,739
Total assets			$	51,739					$	—					$	—					$	51,739
Liabilities:
Warrants liability			$	—					$	—					$	7,443					$	7,443
Total liabilities			$	—					$	—					$	7,443					$	7,443

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Assets:
Cash equivalents - money market funds			$	105,772					$	—					$	—					$	105,772
Total assets			$	105,772					$	—					$	—					$	105,772
Liabilities:
Warrants liability			$	—					$	—					$	17,498					$	17,498
Total liabilities			$	—					$	—					$	17,498					$	17,498

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

			Level of Hierarchy						Fair Value						Principal Balance						Unamortized Debt Discount						Unamortized Debt Issuance Costs						Net Carrying Value
									(In thousands)
September 30, 2025
2026 Notes			2						$	8,553					$	20,125					$	—					$	(94)					$	20,031
2029 Notes			3						$	197,913					$	214,374					$	(27,451)					$	(6,495)					$	180,428
Second Lien Notes			3						$	68,122					$	181,952					$	—					$	—					$	181,952
December 31, 2024
2026 Notes			2						$	164,348					$	361,204					$	—					$	(2,757)					$	358,447
2029 Notes			3						$	180,360					$	207,125					$	(31,137)					$	(7,365)					$	168,623

Fair Value Measurement Inputs and Valuation Techniques

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the Warrants as of September 30, 2025 is as follows:

Stock price			$8.70
Risk free rate			4.06%
Expected life (in years)			8.68
Expected volatility			83.00%

Schedule of Changes in Fair Value of Level 3 Liabilities

			September 30, 2025						December 31, 2024
			(In thousands)
Balance, beginning of year			$	17,498					$	—
Issuance of Warrants			—						5,266
Settlement of Warrants			(1,297)						—
Change in the fair value			(8,758)						12,232
Balance, end of period			$	7,443					$	17,498

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/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 2: 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

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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
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-Publisher FASB
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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- 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)
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