Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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:

 
March 31, 2026
 
Level 1
Level 2
Level 3
(in thousands)
Recurring fair value measurements
 
 
 
Assets:
 
 
 
 Money market funds
$
18,759
$
—
$
—
Liabilities:
2025 U.S. Bounti Warrant
$
—
$
—
$
628
2026 U.S. Bounti Warrant
$
—
$
—
$
6,292
Cargill Amended Warrants
$
—
$
—
$
5,117
December 31, 2025
Level 1
Level 2
Level 3
(in thousands)
Recurring fair value measurements
Assets:
 Money market funds
$
10,531
$
—
$
—
Liabilities:
2025 U.S. Bounti Warrant
$
—
$
—
$
1,166
Cargill Amended Warrants
$
—
$
—
$
10,096
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:
March 31,
2026
(in thousands)
Balance as of December 31, 2025
$
10,096
Fair value measurement adjustments recognized through change in fair value of warrant liability
(4,979)
Balance as of March 31, 2026
$
5,117
The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis:
March 31,
2026
(in thousands)
Balance as of December 31, 2025
$
1,166
Fair value measurement adjustments recognized through change in fair value of warrant liability
(538)
Balance as of March 31, 2026
$
628
The fair value of the 2026 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:

March 31,
2026
(in thousands)
Balance as of March 13, 2026 (initial measurement)
$
6,018
Fair value measurement adjustments recognized through change in fair value of warrant liability
274
Balance as of March 31, 2026
$
6,292
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:

March 31,
2026		 December 31,
2025
Input
Share price
$
1.16
$
2.14
Risk-free interest rate
4.2%
3.9%
Volatility
118%
119%
Exercise price
$
4.00
$
4.00
Warrant life (years)
7.0
7.3
Dividend yield
—%
—%
The key inputs into the Black-Scholes model used to determine the fair value of the liability of the 2025 U.S. Bounti Warrant were as follows at their measurement dates:

March 31,
2026		 December 31,
2025
Input
Share price
$
1.16
$
2.14
Risk-free interest rate
4.4%
4.2%
Volatility
118%
119%
Exercise price
$
0.125
$
0.125
Warrant life (years)
9.3
9.6
Dividend yield
—%
—%
The key inputs into the Black-Scholes model used to determine the fair value of the liability of the 2026 U.S. Bounti Warrant were as follows at their measurement dates:

March 31,
2026		 March 13, 2026 (initial measurement)
Input
Share price
$
1.16
$
1.11
Risk-free interest rate
4.4%
4.3%
Volatility
118%
118%
Exercise price
$
0.125
$
0.125
Warrant life (years)
10.0
10.0
Dividend yield
—%
—%