Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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

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 June 30, 2025 and December 31, 2024 were as follows:

	June 30, 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	$	582	$	—	$	—	$	138	$	—	$	—
Restricted cash		2,250		—		—		—		—		—
Derivatives		—		—		98		—		—		—
Digital assets		45,125		—		—		—		—		—
Total	$	47,957	$	—	$	98	$	138	$	—	$	—
Liabilities
Derivatives	$	—	$	—	$	383	$	—	$	—	$	73
Convertible Notes		—		—		44,339		—		—		2,557
Warrants		—		—		590		—		—		4
Total	$	—	$	—	$	45,312	$	—	$	—	$	2,634

Schedule of Fair Value Measurement of Assets and 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 six months ended June 30, 2025.

Derivatives

	Loss Restoration			Jan 2025			Mar 2025			Total			Total
(in thousands)	Derivative			Derivative			Derivative			Derivative Liabilities			Derivative Assets
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			95
Fair value at March 31, 2025	$	—		$	222		$	737		$	959		$	95
Issuance of derivatives		—			—			—			—			—
Derivative settlement		(1,041	)		—			—			(1,041	)		—
Change in estimated fair value of derivatives		1,041			120			(696	)		465			3
Fair value at June 30, 2025	$	—		$	342		$	41		$	383		$	98

The following summarizes the activity for the Company Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2024.

Derivatives

	December 2023			Loss Restoration Agreement
(in thousands)	Derivatives			Derivatives		Total
Fair value at December 31, 2023	$	122		$	—	$	122
Issuance of derivatives		—			—		—
Change in estimated fair value of derivatives		(54	)		—		(54	)
Fair value at March 31, 2024	$	68		$	—	$	68
Issuance of derivatives		—			61		61
Change in estimated fair value of derivatives		(68	)		877		809
Fair value at June 30, 2024	$	—		$	938	$	938

Schedule of Key Input Models

The following table outlines the key inputs for the Monte Carlo Simulation models:

	June 30,	December 31,
	2025	2024
Weighted-average risk-free interest rate	3.7% - 4.3%		4.2	%
Weighted-average expected term (in years)	0.50 - 2.70		1.00
Weighted-average expected volatility	95.0% - 150.0%		111.7	%
Expected dividend yield	0.0% - 15.0%	0.0% - 15.0%

The following table outlines the key inputs for the Black-Scholes option-pricing models:

	June 30,			December 31,
	2025			2024
Weighted-average risk-free interest rate	3.8% - 4.3%			4.2% - 4.6%
Weighted-average expected term (in years)	0.52 - 10.03			1.02 - 9.27
Weighted-average expected volatility	100.0% - 150.0%			66.6% - 116.7%
Expected dividend yield		—	%		—	%

The following table outlines the key inputs for the Monte Carlo Simulation models:

	June 30,			December 31,
	2025			2024
Weighted-average risk-free interest rate	3.7% - 3.8%				4.4	%
Weighted-average expected term (in years)	2.57 - 3.91				4.42
Weighted-average expected volatility	95.0% - 100.0%				81.2	%
Expected dividend yield		—	%		—	%

January 2025 Exchange Notes [Member]

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

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

	January 2025
(in thousands)	Exchange Notes
Carrying amount at February 4, 2025	$	5,380
Conversion to common stock		(5,391	)
Gain on extinguishment of debt with related party		(279	)
Change in estimated fair value of convertible notes		290
Fair value at March 31, 2025	$	—
Change in estimated fair value of convertible notes		—
Fair value at June 30, 2025	$	—

November 2023 Bridge Notes [Member]

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

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

(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	$	—
Change in estimated fair value of financial instruments		—
Fair value at June 30, 2024	$	—

Warrants [Member]

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

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

Warrants

(in thousands)	2023 Common Warrants (1)		2024 Common Warrants (2)			2025 Common Warrants (3)			2025 Incremental Warrants (4)		Total Warrants
Fair value at December 31, 2024	$	—	$	4		$	—		$	—	$	4
Issuance of warrants		—		—			1,212			—		1,212
Change in estimated fair value of warrants		—		(4	)		(445	)		—		(449	)
Fair value at March 31, 2025	$	—	$	—		$	767		$	—	$	767
Issuance of warrants		—		—			367			—		367
Change in estimated fair value of warrants		—		—			(544	)		—		(544	)
Fair value at June 30, 2025	$	—	$	—		$	590		$	—	$	590

(1) Includes November 2023 Warrants. The fair value of the warrants were determined using a Monte Carlo Simulation.

(2) Includes February 2024 Warrants, Woodway February 2024 Warrants, Registered Direct Placement Agent Warrants, Registered Direct Offering Warrants, Best Efforts Offering A-1 Warrants, Best Efforts Offering A-2 Warrants, Best Efforts Placement Agent Warrants. The fair value of the warrants were determined using a Black-Scholes-Merton model.

(3) Includes January 2025 Warrants, March 2025 Warrants, Woodway May 2025 Warrants. The fair value of the warrants were determined using a Black-Scholes-Merton model.

(4) Includes January 2025 Class A Incremental Warrants and January 2025 Class B Incremental Warrants. The fair value of the warrants were determined using a Monte Carlo Simulation.

	November 2023			December 2023			February 2024			February 2024 Woodway			Registered Direct			Placement Agent			Total
(in thousands)	Warrants			Warrants			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
Issuance of warrants		—			—			—			—			721			50			771
Change in estimated fair value of warrants		(39	)		(125	)		(504	)		(89	)		(646	)		(45	)		(1,448	)
Loss on cancelation of warrants		—			358			—			—			—			—			358
Conversion to Series A Preferred Stock		—			(480	)		—			—			—			—			(480	)
Fair value at June 30, 2024	$	2		$	—		$	51		$	5		$	75		$	5		$	138

February 2024 Convertible Notes [Member]

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

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

	February 2024
(in thousands)	Convertible Notes
Fair value at December 31, 2024	$	2,557
Cash paid for interest		(88	)
Conversion to common stock		(1,212	)
Change in estimated fair value of convertible notes		284
Fair value at March 31, 2025	$	1,541
Change in estimated fair value of convertible notes		118
Fair value at June 30, 2025	$	1,659

June 2025 Convertible Exchangeable Notes [Member]

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

Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation

	June 2025
	Convertible
(in thousands)	Exchangeable Notes
Fair value at June 13, 2025	$	50,000
Change in estimated fair value of convertible notes		(7,320	)
Fair value at June 30, 2025	$	42,680