Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025						December 31, 2024
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in thousands)						(in thousands)
Assets
Cash and cash equivalents	$	2,207	$	—	$	—	$	138	$	—	$	—
Derivatives		—		—		95		—		—		—
Total	$	2,207	$	—	$	95	$	138	$	—	$	—
Liabilities
Derivatives	$	—	$	—	$	959	$	—	$	—	$	73
Convertible Notes		—		—		1,541		—		—		2,557
Warrants		—		—		767		—		—		4
Total	$	—	$	—	$	3,267	$	—	$	—	$	2,634

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

The following summarizes the activity for the Company Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025.

Derivative Liabilities


	Loss Restoration			Jan 2025			Mar 2025			Total
(in thousands)	Derivative			Derivative			Derivative			Derivatives
Fair value at December 31, 2024	$	73		$	—		$	—		$	73
Issuance of derivatives		—			963			1,141			2,104
Derivative settlement		(2,800	)		—			—			(2,800	)
Change in estimated fair value of derivatives		2,727			(741	)		(404	)		1,582
Fair value at March 31, 2025	$	—		$	222		$	737		$	959

The following table summarizes the activity for the Company Level 3 warrant liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025:



(in thousands)	Nov 2023		Feb 2024		Woodway		Registered Direct		Registered Direct Agent		Best Efforts Pre-Funded		Best Efforts A-1			Best Efforts A-2		Best Efforts Agent		Jan 2025 Class A		Jan 2025 Class B		Jan 2025			Mar 2025			Total
Fair value at December 31, 2024	$	—	$	—	$	—	$	—	$	—	$	—	$	4		$	—	$	—	$	—	$	—	$	—		$	—		$	4
Issuance of warrants		—		—		—		—		—		—		—			—		—		—		—		677			535			1,212
Change in estimated fair value of warrants		—		—		—		—		—		—		(4	)		—		—		—		—		(337	)		(108	)		(449	)
Fair value at March 31, 2025	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	340		$	427		$	767


(in thousands)	Derivatives
Fair value at December 31, 2023	$	122
Change in estimated fair value of financial instruments		(54	)
Fair value at March 31, 2024	$	68


(in thousands)	Bridge Notes
Fair value at December 31, 2023	$	1,717
Loss on extinguishment of debt upon conversion to convertible notes		275
Change in estimated fair value of financial instruments		316
Conversion to Series A Preferred Stock		(2,308	)
Fair value at March 31, 2024	$	—

The change in fair value of warrants for the three months ended March 31, 2024 was as follows:


	November 10, 2023			December 7, 2023			Treadway			Woodway			Total
(in thousands)	Warrants			Warrants			Warrants			Warrants			Warrants
Fair value at December 31, 2023	$	165		$	426		$	—		$	—		$	591
Issuance of warrants		—			—			1,800			345			2,145
Change in estimated fair value of financial instruments		(124	)		(179	)		(1,245	)		(251	)		(1,799	)
Fair value at March 31, 2024	$	41		$	247		$	555		$	94		$	937

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the November 2023 Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.0	%		4.4	%
Weighted-average expected term (in years)		4.17			4.42
Weighted-average expected volatility		81.2	%		81.2	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the Woodway Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.2	%		4.6	%
Weighted-average expected term (in years)		9.02			9.27
Weighted-average expected volatility		66.6	%		66.6	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the Registered Offering Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.0	%		4.4	%
Weighted-average expected term (in years)		4.71			4.96
Weighted-average expected volatility		77.8	%		77.8	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the Best Efforts A-2 Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.1	%		4.2	%
Weighted-average expected term (in years)		0.77			1.02
Weighted-average expected volatility		116.7	%		116.7	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the January 2025 Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.1	%		—	%
Weighted-average expected term (in years)		6.83			—
Weighted-average expected volatility		150.0	%		—	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		3.9	%		—	%
Weighted-average expected term (in years)		2.95			—
Weighted-average expected volatility		95.0	%		—	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the January 2025 Class A Incremental Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		3.9	%		—	%
Weighted-average expected term (in years)		2.82			—
Weighted-average expected volatility		95.0	%		—	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Schedule of Assumptions Used to Estimate the Fair Value

The assumptions used to estimate the fair value of the March 2025 Warrants are as follows:


	March 31,			December 31,
	2025			2024
Weighted-average risk-free interest rate		4.1	%		—	%
Weighted-average expected term (in years)		6.95			—
Weighted-average expected volatility		150.0	%		—	%
Expected dividend yield		—	%		—	%

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]