Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments

v3.25.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
16. 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 September 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:
September 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 $ 2,668  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  911 
Private Placement Warrants - Issued March 2023 —  —  19,650 
Sponsor Shares —  —  3,555 
$ 2,668  $ —  $ 24,116 
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 September 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, and other current liabilities. See Note 8—“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 nine months ended September 30, 2025 or 2024.
The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 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 
Warrant exercises —  —  (10,961)
Loss from changes in fair value 1,852  198  16,791 
Balance as of September 30, 2025 $ 3,555  $ 911  $ 19,650 
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 (687) (375) (7,218)
Balance as of September 30, 2024 $ 617  $ 208  $ 5,249