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Risks and Fair Value (Tables)
12 Months Ended
Dec. 31, 2024
Risks and Fair Value  
Summary of Concentration of Credit Risk and of Significant Suppliers and Customers

Year Ended December 31, 

2024

    

2023

2022

Customer 1

44

%

49

%

44

%

Customer 2

23

25

25

Customer 3

10

11

17

As of

December 31, 

December 31, 

2024

2023

Customer 1

46

%

50

%

Customer 2

28

28

Customer 3

8

11

Schedule of change in fair value of derivative liabilities

Year Ended

December 31, 

2024

    

2023

2022

Change in the fair value of the Conversion Option Derivative Liability

$

2,598

$

(4,502)

$

13,841

Change in the fair value of Royalty Fee Derivative Liability

(857)

215

Barings Royalty Fee

(2,221)

(901)

Total

$

(480)

$

(5,188)

13,841

Schedule of assets and liabilities measured at fair Value on recurring basis

Fair Value Measurements as of

December 31, 2024 Using:

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Cash equivalents:

 

  

 

  

 

  

 

  

Money market funds

$

378,112

$

$

$

378,112

Liability:

Derivative liability

$

$

$

13,246

$

13,246

Fair Value Measurements as of

December 31, 2023 Using:

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

  

 

  

 

  

 

  

Cash equivalents:

 

  

 

  

 

  

 

  

Money market funds

$

187,951

$

$

$

187,951

Liability:

 

  

 

  

 

  

 

  

Derivative liabilities

$

$

$

29,987

$

29,987

Royalty Fee Derivative Liability  
Risks and Fair Value  
Schedule of main inputs to valuing the Derivative Liability

As of

December 31, 

December 31, 

2024

2023

Revenue volatility

64.0

%

67.0

%

Revenue discount rate

16.0

%

15.8

%

Shares issuable in connection with conversion of Convertible Notes, if converted  
Risks and Fair Value  
Schedule of main inputs to valuing the Derivative Liability

As of

December 31, 

2023

Company's stock price

$

4.46

Volatility

88.4

%

Bond yield

20.8

%