Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments (Tables)

v3.26.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assumptions The table below presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM:
May 26, 2026 to August 24, 2026(1)
December 31, 2025 February 25, 2025
Fair value per share
$0.31 to $11.34
 $ 1.60  $ 6.84 
Warrants outstanding
35,000 to 202,069
 2,633,195  5,098,978 
Exercise price
$11.50
 $ 11.50  $ 11.50 
Common stock price
$11.38 to $22.04
 $ 7.60  $ 14.34 
Expected option term
0.03 to 0.3 years
 0.7 years 1.5 years
Expected volatility
49.80% to 144.59%
 104.60  % 82.90  %
Risk-free rate of return
3.68% to 3.79%
 3.52  % 4.05  %
Expected annual dividend yield
—%
 —  % —  %
(1) Represents assumptions used in determining the fair value of warrants upon each exercise and conversion during the nine months ended September 30, 2026.
Schedule of Liabilities Measured at Fair Value
The table below presents the Company’s financial instruments measured at fair value on a recurring basis:
September 30, 2026
Balance Sheet Location Level 1 Level 2 Level 3 Total
Assets:
Money market funds Cash, cash equivalents and restricted cash $ 404,680  $ —  $ —  $ 404,680 
Total assets $ 404,680  $ —  $ —  $ 404,680 
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ —  $ — 
Total liabilities $ —  $ —  $ —  $ — 
December 31, 2025
Balance Sheet Location Level 1 Level 2 Level 3 Total
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ 4,213  $ 4,213 
Total liabilities $ —  $ —  $ 4,213  $ 4,213 
Schedule of Changes in the Fair Value of Level 3 Financial Liabilities
Changes in the fair value of Level 3 financial liabilities were as follows:
Liabilities:
Private Warrants
Total Level 3
December 31, 2025 $ 4,213  $ 4,213 
Changes in fair value 14,147  14,147 
Settlements (18,360) (18,360)
September 30, 2026 $ —  $ —