Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value:

  September 30, 2025
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
 Money market funds
 $ 12,603 $ — $ —
Liabilities:
Cargill Amended Warrants Liability $ — $ — $ 14,626
U.S. Bounti Warrant Liability $ — $ — $ 1,645
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 Liability $ — $ — $ 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:
September 30,
2025
(in thousands)
Balance as of December 31, 2024 $ 6,403
Fair value measurement adjustments recognized through change in fair value of warrant liability 8,223
Balance as of September 30, 2025 $ 14,626
The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis:
September 30,
2025
(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 143
Balance as of September 30, 2025 $ 1,645
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:

September 30,
2025		 September 30,
2024
Input
Share price $ 2.99 $ 2.50
Risk-free interest rate 3.9% 3.6%
Volatility 122% 121%
Exercise price $ 4.00 $ 6.50
Warrant life (years) 7.5 3.5
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:

September 30,
2025		 August 1, 2025 (initial measurement)
Input
Share price $ 2.99 $ 2.73
Risk-free interest rate 4.2% 4.2%
Volatility 122% 123%
Exercise price $ 0.125 $ 0.125
Warrant life (years) 9.8 10.0
Dividend yield —% —%