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Fair Value Measurements (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value Measurements    
Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of

​

​

March 31, 2025

​

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

​

$

10,708

​

$

—

​

$

—

​

$

10,708

Short-term investments:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. Treasury Notes

​

 

10,871

​

 

—

​

 

—

​

 

10,871

Total financial assets

​

$

21,579

​

$

—

​

$

—

​

$

21,579

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Convertible Notes

​

$

—

​

$

—

​

$

35,759

​

$

35,759

Total financial liabilities

​

$

—

​

$

—

​

$

35,759

​

$

35,759

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of

​

​

December 31, 2024

​

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

​

$

31,303

​

$

—

​

$

—

​

$

31,303

Total financial assets

​

$

31,303

​

$

—

​

$

—

​

$

31,303

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Convertible Notes

​

$

—

​

$

—

​

$

30,259

​

$

30,259

Total financial liabilities

​

$

—

​

$

—

​

$

30,259

​

$

30,259

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of

​

​

December 31, 2024

​

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

​

$

31,303

​

$

—

​

$

—

​

$

31,303

Total financial assets

​

$

31,303

​

$

—

​

$

—

​

$

31,303

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Convertible Notes

​

$

—

​

$

—

​

$

30,259

​

$

30,259

Total financial liabilities

​

$

—

​

$

—

​

$

30,259

​

$

30,259

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of

​

​

December 31, 2023

​

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

​

$

21,762

​

$

—

​

$

—

​

$

21,762

Total financial assets

​

$

21,762

​

$

—

​

$

—

​

$

21,762

Schedule of changes in fair value of level 3 convertible notes

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

​

​

​

​

​

    

Amounts

Balance as of December 31, 2024

​

$

30,259

Interest accrued during the three months ended March 31, 2025

​

 

558

Change in fair value of the Convertible Notes

​

 

4,942

Balance as of March 31, 2025

​

$

35,759

The following table presents the changes in the fair value of the Level 3 Convertible Notes (in thousands):

​

​

​

​

​

    

Amounts

Balance as of December 31, 2023

​

$

—

Convertible Notes issuance

​

 

28,298

Accrued interest as of December 31, 2024

​

 

154

Change in fair value of the Convertible Notes

​

 

1,807

Balance as of December 31, 2024

​

$

30,259

Schedule of measurement inputs on valuation of convertible notes

​

​

    

As of March 31,

    

As of December 31,

 

​

    

2025

    

2024

 

Time to Qualified/non-Qualified financing (in years)

 

0.08

 

0.25

​

Time to IPO (in years)

 

n/a

 

0.25

​

Time to reverse merger (in years)

 

0.04

 

0.33

​

Time to dissolution (in years)

 

n/a

 

n/a

​

Interest rate (risk-free)

 

4.38

%  

4.37

%

Conversion discount rate

 

20.00

%  

20.00

%

The following table presents the assumptions, estimates, and contractual features incorporated into the valuation of the Convertible Notes as of December 31, 2024:

​

    

Inputs

 

Time to Qualified/non-Qualified financing (in years)

 

0.25

​

Time to IPO (in years)

 

0.25

​

Time to reverse merger (in years)

 

0.33

​

Time to dissolution (in years)

 

n/a

​

Interest rate (risk-free)

 

4.37

%

Conversion discount rate

 

20.00

%