Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis.
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September 30, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
6,984 |
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$ |
— |
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$ |
— |
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$ |
6,984 |
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U.S. treasury bills and bonds |
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|
500 |
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— |
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— |
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500 |
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$ |
7,484 |
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$ |
— |
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$ |
— |
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$ |
7,484 |
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Marketable securities: |
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Commercial paper |
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$ |
— |
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$ |
62,610 |
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$ |
— |
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$ |
62,610 |
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U.S. treasury bills and bonds |
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13,828 |
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— |
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— |
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13,828 |
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$ |
13,828 |
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$ |
62,610 |
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$ |
— |
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$ |
76,438 |
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Liabilities: |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
201 |
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$ |
— |
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$ |
201 |
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Contingent earnout liability |
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— |
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— |
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27 |
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27 |
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$ |
— |
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$ |
201 |
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$ |
27 |
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$ |
228 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
3,157 |
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$ |
— |
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$ |
— |
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$ |
3,157 |
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$ |
3,157 |
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$ |
— |
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$ |
— |
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$ |
3,157 |
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Liabilities: |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
13,641 |
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$ |
— |
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$ |
13,641 |
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Contingent earnout liability |
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— |
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— |
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1,455 |
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1,455 |
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$ |
— |
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$ |
13,641 |
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$ |
1,455 |
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$ |
15,096 |
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| Summary of Change in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:
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Contingent
Earnout
Liability |
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Fair value as of December 31, 2024 |
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$ |
1,455 |
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Change in fair value of contingent earnout liability |
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(1,428 |
) |
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Fair value as of September 30, 2025 |
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$ |
27 |
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| Schedule of Cash and Cash Equivalents |
The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category:
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September 30, 2025 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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Cash |
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$ |
12,828 |
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$ |
— |
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$ |
— |
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$ |
12,828 |
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Cash equivalents: |
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Money market funds |
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6,984 |
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— |
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— |
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6,984 |
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U.S. treasury bills and bonds |
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|
500 |
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— |
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— |
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500 |
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$ |
20,312 |
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$ |
— |
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$ |
— |
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$ |
20,312 |
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Marketable Securities: |
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Commercial paper |
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$ |
62,585 |
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$ |
— |
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$ |
25 |
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$ |
62,610 |
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U.S. treasury bills and bonds |
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13,825 |
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— |
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3 |
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13,828 |
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$ |
76,410 |
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$ |
— |
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$ |
28 |
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$ |
76,438 |
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December 31, 2024 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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Cash |
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$ |
16,049 |
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$ |
— |
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$ |
— |
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$ |
16,049 |
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Cash equivalents: |
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Money market funds |
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3,157 |
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— |
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— |
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3,157 |
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$ |
19,206 |
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$ |
— |
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$ |
— |
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$ |
19,206 |
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| Amortized Cost and Estimated Fair Value of Marketable Securities |
The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:
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September 30, 2025 |
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Amortized Cost |
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Fair Value |
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Due in one year or less |
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$ |
76,410 |
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$ |
76,438 |
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| Contingent Earnout Liability |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the contingent earnout liability:
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September 30, |
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December 31, |
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2025 |
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2024 |
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Fair value of the Company’s Class A common stock |
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$ |
10.99 |
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$ |
14.07 |
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Risk-free interest rate |
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3.72 |
% |
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4.22 |
% |
Expected volatility factor |
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89.0 |
% |
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|
96.0 |
% |
Earnout expiration date |
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August 16, 2026 |
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August 16, 2026 |
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| Credit Agreement Warrants |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the Credit Agreement Warrants:
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September 30, |
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December 31, |
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2025 |
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|
2024 |
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Fair value of the Company’s Class A common stock |
$ |
|
10.99 |
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$ |
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14.07 |
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Exercise price |
$ |
16.08 |
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$ |
5.44 - 16.08 |
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Risk-free interest rate |
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3.93 |
% |
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4.48 |
% |
Expected volatility factor |
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89.0 |
% |
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96.0 |
% |
Expected dividend yield |
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— |
% |
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— |
% |
Remaining contractual term (in years) |
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6.7 |
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7.4 - 8.7 |
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