v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis
The following table presents the assets and liabilities that the Company measures at fair value on a recurring basis included in the condensed consolidated balance sheets and indicates the level of the valuation inputs the Company utilized to determine the fair value:
September 30,December 31,
$ in thousandsLevel20252024
Assets
Available-for-sale investments1$192,222 $100,972 
Short-term investments2— 100,000 
Total assets$192,222 $200,972 
Liabilities
Public Warrants1$6,465 $31,034 
Private Placement Warrants310,464 50,249 
Earnout Shares355 1,958 
Total liabilities$16,984 $83,241 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table contains a reconciliation of the beginning and ending balances of recurring Level 3 fair value measurements included in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended September 30,Nine Months Ended September 30,
$ in thousands2025202420252024
Balance of recurring Level 3 liabilities at beginning of period$4,817 $36,175 $52,207 $38,622 
Change in Earnout Shares liability34 (944)(1,903)(1,211)
Change in Private Placement Warrant liability5,668 (17,004)(39,785)(19,184)
Balance of recurring Level 3 liabilities at end of period$10,519 $18,227 $10,519 $18,227 
Fair Value Measurement Inputs and Valuation Techniques
The following table contains the key inputs used in the valuations of the Private Placement Warrants:
September 30, 2025December 31, 2024
Term (in years)2.693.44
Volatility99.0 %59.3 %
Risk-free rate3.5 %4.2 %
The following table contains the key inputs used in the valuations of the Earnout Shares:
September 30, 2025December 31, 2024
Term (in years)0.691.43
Volatility104.0 %59.7 %
Risk-free rate3.7 %4.1 %