Warrant Liabilities

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Warrant Liabilities

Warrant Liabilities

5-Year Private Warrants

The Company’s outstanding warrant liabilities include 5-Year Private Warrants. The 5-Year Private Warrants cannot be redeemed and can be exercised on a cashless basis if the 5-Year Private Warrants are held by the initial purchasers or their permitted transferees. If the 5-Year Private Warrants are transferred to someone other than the initial purchasers or their permitted transferees, such warrants become redeemable by the Company under substantially the same terms as the 5-Year Public Warrants. Since the original issue of private warrants, 9,569,400 5-Year Private Warrants have been transferred to someone other than the initial purchasers or their permitted transferees, and they are now treated as 5-Year Public Warrants. For the three months ended March 31, 2025 and 2024, there were no transfers from 5-Year Private Warrants to 5-Year Public Warrants.

The following tables summarize the Company’s 5-Year Private Warrants(1) (in thousands, except warrant amounts):

Balance at			Fair Value			Transfers to			Balance at
December 31, 2024			Adjustments(1)			5-Year Public Warrants			March 31, 2025
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
670,600	$	6	—	$	(5)	—	$	—	670,600	$	1

Balance at			Fair Value			Transfers to			Balance at
December 31, 2023			Adjustments(1)			5-Year Public Warrants			March 31, 2024
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
865,422	$	26	—	$	(5)	—	$	—	865,422	$	21

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 8 – Fair Value Measurements for additional information on the fair value of the Company’s liability classified warrants.

The following table summarizes additional information on the Company’s 5-Year Private Warrants as of March 31, 2025:

Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
$	11.50	5 years	May 29, 2025	670,600