Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
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): 
  March 31, 2025
  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* $ 74,097  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 8,100 

  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 

*Investments in money market funds are reflected in cash and cash equivalents on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Changes in the Fair Value
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 three months ended March 31, 2025 and March 31, 2024:
  Derivative liability Total
Balance at December 31, 2024
$ 8,480  $ 8,480 
Change in fair value (380) (380)
Balance at March 31, 2025
$ 8,100  $ 8,100 
  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 —  120  120 
Balance at March 31, 2024
$ 194,901  $ 5,670  $ 200,571