v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 consolidated balance sheets and indicates the level of the valuation inputs the Company utilized to determine the fair value:
December 31,December 31,
$ in thousandsLevel20252024
Assets
Available-for-sale investments1$176,704 $100,972 
Short-term investments2— 100,000 
Total assets$176,704 $200,972 
Liabilities
Public Warrants1$4,310 $31,034 
Private Placement Warrants36,540 50,249 
Earnout Shares3— 1,958 
Total liabilities$10,850 $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 consolidated statements of operations and comprehensive loss:
Year Ended December 31,
$ in thousands20252024
Balance of recurring Level 3 liabilities at beginning of period$52,207 $38,622 
Change in Earnout Shares liability(1,958)287 
Change in Private Placement Warrant liability(43,709)13,298 
Balance of recurring Level 3 liabilities at end of period$6,540 $52,207 
Fair Value Measurement Inputs and Valuation Techniques
The following table contains the key inputs used in the valuations of the Private Placement Warrants:
December 31, 2025December 31, 2024
Term (in years)2.443.44
Volatility104.0 %59.3 %
Risk-free rate3.5 %4.2 %
The following table contains the key inputs used in the valuations of the Earnout Shares:
December 31, 2025December 31, 2024
Term (in years)0.441.43
Volatility105.0 %59.7 %
Risk-free rate3.6 %4.1 %