Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
Level September 30, 2025 December 31, 2024
Assets
Money market fund (1) 1 $ 15,592  $ 13,751 
Contingent consideration asset (2) 3 27,825  — 
Indemnity holdback related to sale of business (2) 3 8,575  — 
Total assets at fair value $ 51,992  $ 13,751 
Liabilities
Warrant liabilities - Public Warrants
 1 $ 1,906  $ 3,758 
Warrant liabilities - Private Warrants
 2 1,040  2,050 
Share-based payment liability-classified (3) 3 12,742  — 
Equity consideration in escrow and contingent consideration (4) 3 9,214  — 
Total liabilities at fair value $ 24,902  $ 5,808 
(1) As of September 30, 2025 and December 31, 2024, the Company had cash equivalents held in a money market fund. The Company has concluded that due to the highly liquid nature of the fund, the carrying value approximates fair value, which represents a Level 1 input. The balance of cash equivalents held in the money market fund is included in cash and cash equivalents.
(2) Contingent consideration and indemnity holdback related to sale of business, presented under “Other Non-Current Assets”, in the unaudited interim condensed consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 3 for additional information.
(3) Share-based payment liability-classified is presented under “Other Non-Current Liabilities”, in the unaudited interim condensed consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 3 for additional information.
(4) Equity consideration in escrow and contingent consideration is presented under “Accounts payable and Accrued Expenses” and “Other Non-Current Liabilities” as applicable, in the unaudited interim condensed consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 2 for additional information.
Fair Value of Warrant Liabilities
The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within “Warrant liability” on the Company’s unaudited interim condensed consolidated balance sheets. The warrant liabilities are measured at fair value upon initial recognition and on a recurring basis, with changes in fair value presented within “Change in fair value of warrant liabilities” in the unaudited interim condensed consolidated statements of operations.
The Public Warrants are considered part of Level 1 of the fair value hierarchy, as those securities are traded on an active public market. At May 7, 2021 and thereafter, the Company valued the Private Warrants using Level 2 of the fair value hierarchy. The Company used the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.
Subsequent Measurement

The following table presents the changes in fair value of the warrant liabilities:
Public
Warrants
Private
Placement
Warrants
Total Warrant
Liability
Fair value as of January 1, 2025
 $ 3,758  $ 2,050  $ 5,808 
Change in fair value of warrant liabilities
 (1,852) (1,010) (2,862)
Fair value as of September 30, 2025
 $ 1,906  $ 1,040  $ 2,946