Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements

v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 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 December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
Level December 31, 2025 December 31, 2024
Assets
Money market fund (1) 1 $ 23,111  $ 13,751 
Contingent consideration asset related to sale of business (2) 3 27,700  — 
Indemnity holdback related to sale of business (2) 3 8,700  — 
Total assets at fair value $ 59,511  $ 13,751 
Liabilities
Warrant liabilities - Public Warrants
 1 $ 990  $ 3,758 
Warrant liabilities - Private Warrants
 2 540  2,050 
Share-based payment liability-classified related to sale of business (3) 3 15,138  — 
Equity consideration in escrow and contingent consideration - Keystone acquisition (4) 3 9,072  — 
Total liabilities at fair value $ 25,740  $ 5,808 
(1) As of December 31, 2025 and 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 “Prepaid expenses and other current assets” and “Other non-current asset” in the consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 5 for additional information. Changes in fair value of these items during the year totaled $167 of income and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.
(3) Share-based payment liability-classified, presented under “Other Non-Current Liabilities” in the consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 5 for additional information. Changes in fair value of these items during the year totaled $1,246 of expense and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.
(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 consolidated balance sheets, was established during the period ended September 30,
2025. Refer to Note 4 for additional information. Changes in fair value of these items during the year totaled $42 of income and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.
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 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 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, 2024
 $ 3,208  $ 1,750  $ 4,958 
Change in fair value of warrant liabilities 550  300  850 
Fair value as of December 31, 2024
 $ 3,758  $ 2,050  $ 5,808 
Change in fair value of warrant liabilities
 (2,768) (1,510) (4,278)
Fair value as of December 31, 2025
 $ 990  $ 540  $ 1,530