Quarterly report [Sections 13 or 15(d)]

FINANCIAL INSTRUMENTS

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FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS
 17. FINANCIAL INSTRUMENTS
The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy:
March 31, 2026 (unaudited) December 31, 2025
Financial liabilities: (1)
Derivative liabilities (2)
$ 6,295  $ 8,607 
Total financial liabilities $ 6,295  $ 8,607 
(1)The Company has no financial assets or liabilities in Level 1 or 2 within the fair value hierarchy as of March 31, 2026 and December 31, 2025, and there were no transfers between hierarchy levels during the three months ended March 31, 2026 or year ended December 31, 2025.
(2)Refer to Note 9 - Derivative Liabilities.

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued expenses, and certain other assets and liabilities held at amortized cost, approximate their fair values due to the short-term nature of these instruments. The carrying amounts of the promissory notes approximate their fair values as the effective interest rates are consistent with market rates. The carrying amount of the Second Lien Notes approximates their fair values as of December 31, 2025.