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

Fair Value Measurements (Tables)

v3.25.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): 
  December 31, 2024
Fair Value Measurements Using
Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
(Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 133,148  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 8,480 

  December 31, 2023
Fair Value Measurements Using
Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
(Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 7,077  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 5,550 
*Investments in money market funds are reflected in cash and cash equivalents on the accompanying consolidated balance sheets.
Schedule of Changes in the Fair Value of the Level 3 Valuation
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability and derivative liability for the years ended December 31, 2024 and 2023:
  Warrant liability Derivative liability Total
Balance at December 31, 2023 $ —  $ 5,550  $ 5,550 
Initial valuation of warrant liability 194,901  —  194,901 
Change in fair value (121,611) 2,930  (118,681)
Settlement of warrant liability (73,290) —  (73,290)
Balance at December 31, 2024 $ —  $ 8,480  $ 8,480 

  Derivative liability Total
Balance at December 31, 2022 $ 4,830  $ 4,830 
Change in fair value 720  720 
Balance at December 31, 2023 $ 5,550  $ 5,550