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

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis
The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring basis according to the valuation techniques the Company uses to determine their fair value:

 
December 31, 2025
 
Level 1
Level 2
Level 3
(in thousands)
Recurring fair value measurements
 
 
 
Assets:
 
 
 
Money market funds
$
10,531
$
—
$
—
Liabilities:
U.S. Bounti Warrant
$
—
$
—
$
1,166
Cargill Amended Warrants
$
—
$
—
$
10,096
December 31, 2024
Level 1
Level 2
Level 3
(in thousands)
Recurring fair value measurements
Assets:
Money market funds
$
7,448
$
—
$
—
Liabilities:
Cargill Amended Warrants
$
—
$
—
$
6,403
Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):
Balance as of December 31, 2023
$
7,214
Fair value measurement adjustments recognized through change in fair value of warrant liability
(811)
Balance as of December 31, 2024
$
6,403
Fair value measurement adjustments recognized through change in fair value of warrant liability
3,693
Balance as of December 31, 2025
$
10,096
The fair value of the liability of the U.S. Bounti Warrant is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):

Balance as of August 1, 2025 (initial measurement)
$
1,502
Fair value measurement adjustments recognized through change in fair value of warrant liability
(336)
Balance as of December 31, 2025
$
1,166
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The key inputs into the Black-Scholes model used to determine the fair value of the liability of the Cargill Amended Warrants were as follows at their measurement dates:

December 31,
2025
December 31, 2024
Input
Share price
$
2.14
$
2.07
Risk-free interest rate
3.9%
4.4%
Volatility
119%
122%
Exercise price
$
4.00
$
6.50
Warrant life (years)
7.3
3.2
Dividend yield
—%
—%
The key inputs into the Black-Scholes model used to determine the fair value of the liability of the U.S. Bounti Warrant were as follows at their measurement dates:

December 31,
2025		 August 1, 2025 (initial measurement)
Input
Share price
$
2.14
$
2.73
Risk-free interest rate
4.2%
4.2%
Volatility
119%
123%
Exercise price
0.125
$
0.125
Warrant life (years)
9.6
10.0
Dividend yield
—%
—%