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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of fair value of assets measured at fair value on a recurring basis, by level of fair value hierarchy

The following tables present information as of December 31, 2024 and 2023 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):


		December 31, 2024
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	8,333		$	—		$	—		$	8,333
Marketable securities			37,764			5,460			—			43,224
		$	46,097		$	5,460		$	—		$	51,557


		December 31, 2023
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	12,280		$	—		$	—		$	12,280
Marketable securities			10,356			4,173			—			14,529
		$	22,636		$	4,173		$	—		$	26,809

Schedule of fair value of available for sale marketable securities

As of December 31, 2024 and 2023, the fair value of available for sale marketable securities by type of security were as follows (in thousands):


		December 31, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	37,688		$	76		$	—		$	37,764
U.S. Government agency securities			5,456			4			—			5,460
		$	43,144		$	80		$	—		$	43,224


		December 31, 2023
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	10,348		$	8		$	—		$	10,356
U.S. Government agency securities			4,166			7			—			4,173
		$	14,514		$	15		$	—		$	14,529

Schedule of fair value of liabilities measured at fair value on a recurring basis, by level of fair value hierarchy

The following tables present information as of December 31, 2024 about the Company’s liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):


		December 31, 2024
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Warrant liability		$	—		$	—		$	28,910		$	28,910

Schedule of changes in warrant liabilities

During the year ended December 31, 2024, the changes in the Company’s warrant liability were as follows (in thousands):



		Warrants
Warrant liability balance as of December 31, 2023		$	—
Issuance of warrants			8,934
Change in fair value			33,377
Exercise of warrants			(13,401)
Warrant liability balance as of December 31, 2024		$	28,910

Schedule of inputs and valuation technique to estimate the fair value of warrant liabilities

The key inputs into valuation models used to estimate the fair value of the warrant liabilities as of May 6, 2024, the issuance date, and as of December 31, 2024 were as follows:


					May 6,
					2024
	December 31,				(Date of
	2024				Issuance)
Risk-free interest rate		4.2	%			5.1	%
Expected volatility		106.6	%			104.4	%
Expected term (in years)		0.50				1.15
Share price	$	5.35			$	1.91

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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