| Schedule of fair value hierarchy used to measure financial assets and liabilities |
The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of June 30, 2026 and December 31, 2025, respectively (in thousands): | | | | | | | | | | | | June 30, 2026 | | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 16,857 | | $ | — | | $ | — | Short-term investments: | | | | | | | | | | U.S. treasury securities | | | — | | | 365,946 | | | — | Long-term investments: | | | | | | | | | | U.S. treasury securities | | | — | | | 147,586 | | | — | Total Assets | | $ | 16,857 | | $ | 513,532 | | $ | — | Liabilities: | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 75,550 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 2,857 | Total Liabilities | | $ | 75,550 | | $ | — | | $ | 2,857 |
| | | | | | | | | | | | December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 38,721 | | $ | — | | $ | — | Short-term investments: | | | | | | | | | | U.S. treasury securities | | | — | | | 398,660 | | | — | Long-term investments: | | | | | | | | | | U.S. treasury security | | | — | | | 146,321 | | | — | Total Assets | | $ | 38,721 | | $ | 544,981 | | $ | — | Liabilities: | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 85,842 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 16,751 | Total Liabilities | | $ | 85,842 | | $ | — | | $ | 16,751 |
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| Schedule of changes in the fair value of Level 3 financial instruments |
A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the six months ended June 30, 2026, and June 30, 2025 is as follows (in thousands): | | | | | | | | | Derivative | | | | | Warrant Liability - | | Earn-out | | | Private Warrants | | Liabilities | Balance – December 31, 2025 | | $ | 16,751 | | $ | — | Change in fair value - three months ended March 31, 2026 | | | (10,044) | | | — | Transfer from Private Warrants to Public Warrants - three months ended March 31, 2026 | | | (525) | | | — | Change in fair value - three months ended June 30, 2026 | | | 5,688 | | | — | Transfer from Private Warrants to Public Warrants - three months ended June 30, 2026 | | | (9,013) | | | — | Balance – June 30, 2026 | | $ | 2,857 | | $ | — | | | | | | | | Balance – December 31, 2024 | | $ | 22,830 | | $ | 45,897 | Change in fair value - three months ended March 31, 2025 | | | (7,760) | | | (8,837) | Vesting of Promote Sponsor Vesting Shares | | | — | | | (32,946) | Transfer of Private Warrants to Public Warrants - three months ended March 31, 2025 | | | (7,316) | | | — | Change in fair value - three months ended June 30, 2025 | | | 3,906 | | | 2,257 | Transfer of Private Warrants to Public Warrants - three months ended June 30, 2025 | | | (224) | | | — | Balance – June 30, 2025 | | $ | 11,436 | | $ | 6,371 |
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