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	%