Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

v3.25.1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques The Private Placement Warrants and Public Warrants are classified as Level 3 and their value was determined by using a Black-Scholes Model with the following assumptions:
March 31,
2025		 December 31,
2024
Fair value of common stock $1.35 $1.40
Exercise Price $57.50 $57.50
Risk-free interest rate 3.96% 4.26%
Expected term (in years) 2.29 2.5
Volatility 81.09% 79.86%
Dividend yield — —
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
March 31, 2025
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 7,712  $ —  $ —  $ 7,712 
Total $ 7,712  $ —  $ —  $ 7,712 
Financial Liabilities:
Earn-Out Shares $ —  $ —  $ 1,120  $ 1,120 
Public Warrants —  —  5  5 
Private Placement Warrants —  —  5  5 
Total $ —  $ —  $ 1,130  $ 1,130 
December 31, 2024
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 17,625  $ —  $ —  $ 17,625 
Total $ 17,625  $ —  $ —  $ 17,625 
Financial Liabilities:
Earn-Out Shares $ —  $ —  $ 1,257  $ 1,257 
Public Warrants —  —  9  9 
Private Placement Warrants —  —  8  8 
Total $ —  $ —  $ 1,274  $ 1,274 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a summary of changes in the estimated fair value of these liabilities (in thousands):
Earn-Out Shares Public Warrants Private Placement Warrants Total
Balance as of December 31, 2024 $ 1,257  $ 9  $ 8  $ 1,274 
Change in fair value (137) (4) (3) (144)
Balances as of March 31, 2025 $ 1,120  $ 5  $ 5  $ 1,130