Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments

v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
14. Fair Value of Financial Instruments
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
June 30, 2025 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 4,676  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  1,811 
Private Placement Warrants - Issued March 2023 —  —  30,039 
Sponsor Shares —  —  3,972 
$ 4,676  $ —  $ 35,822 
December 31, 2024 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 1,728  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  713 
Private Placement Warrants - Issued March 2023 —  —  13,820 
Sponsor Shares —  —  1,703 
$ 1,728  $ —  $ 16,236 
The carrying values of the following financial instruments approximated their fair values as of June 30, 2025 and December 31, 2024 based on their short-term maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, short-term debt, and other current liabilities. See Note 7—“Business Acquisition” for additional information on the fair value of assets acquired via business acquisition.
There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2025 or 2024.
The following is a summary of changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2025 and 2024:
Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2025 $ 1,703  $ 713  $ 13,820 
Loss from changes in fair value 2,269  1,098  16,219 
Balance as of June 30, 2025 $ 3,972  $ 1,811  $ 30,039 
Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2024 $ 1,304  $ 583  $ 12,467 
Gain from changes in fair value (474) (333) (3,937)
Balance as of June 30, 2024 $ 830  $ 250  $ 8,530