Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

v3.25.4
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Year Ended December 31,
2025 2024
Fair value of common stock $1.10 $1.40
Exercise Price $57.50 $57.50
Expected term (in years) 1.5 2.5
Risk-free interest rate 3.47% 4.26%
Volatility 63.25% 79.86%
Dividend yield
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands):
December 31, 2025
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 7,479  $ —  $ —  $ 7,479 
Total $ 7,479  $ —  $ —  $ 7,479 
Financial Liabilities:
Earn-Out Shares $ —  $ —  $ 871  $ 871 
Total $ —  $ —  $ 871  $ 871 
December 31, 2024
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 17,625  $ —  $ —  $ 17,625 
Total $ 17,625  $ —  $ —  $ 17,625 
Financial Liabilities:
Earn-Out Shares $ —  $ —  $ 1,258  $ 1,258 
Public Warrants —  — 
Private Placement Warrants —  — 
Total $ —  $ —  $ 1,275  $ 1,275 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a summary of changes in the estimated fair value of these liabilities (in thousands):
Earn-Out Shares Public Warrants Private Placement Warrants Structural Derivative Liability Total
Balances as of December 31, 2023 $ 2,973  $ 31  $ 37  $ 8,470  $ 11,511 
Changes in fair value (1,715) (22) (29) (8,122) $ (9,888)
Settlement —  —  —  (348) $ (348)
Balances as of December 31, 2024 1,258  —  1,275 
Change in fair value (387) (9) (8) —  (404)
Balances as of December 31, 2025 $ 871  $ —  $ —  $ —  $ 871