Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value of Financial Instruments [Abstract]

Warrants Liabilities

The fair value of the Company’s common and preferred stock warrant liabilities related to the warrants issued in the October 2022, October 2023 and April 2024 public offerings were calculated using a Monte Carlo valuation model and were classified as Level 3 in the fair value hierarchy.

(in thousands)		June 30 2025		December 31  2024
Warrant liability Series A	$	9,991	$	—
Warrant liability Series B		3,674		—
Warrant liability Series J		409		468
Total warrant liabilities	$	14,074	$	468

Warrants Liabilities

The following is a roll-forward of the fair value of the Level 3 warrants:

(in thousands)
Balance at December 31, 2023	$	2,843
Exercise of Series J warrants		(1,357	)
April 24, 2024, issuance of common warrants		7,813
Exercise of April 2024 warrants		(1,373	)
Reclassification of April 2024 warrants to equity		(2,844	)
Change in fair value		(4,614	)
Balance at December 31, 2024		468
June 10, 2025, issuance of common warrants		14,547
Change in fair value		(941	)
Balance at June 30, 2025	$	14,074