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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s financial instruments consist of cash, accounts payable, accrued expenses, warrant liability, the RLOC, and the Term Loan. The Company believes that the carrying amounts of its financial instruments including cash, accounts payable and accrued expenses approximate their fair values due to the short-term maturities of these instruments. The consolidated financial statements also include level 3 fair value measurements of private common stock warrants. The Company uses a third-party valuation firm to determine the fair value of certain of the Company’s financial instruments.
RLOC and Term Loan
December 31, 2024December 31, 2023
Carrying amountFair valueCarrying amountFair value
RLOC$82,582 $84,422 $60,347 $64,631 
Term Loan30,047 33,151 25,503 33,900 
$112,629 $117,573 $85,850 $98,531 
The estimated fair values of the Company’s RLOC and Term Loan were determined using Level 2 inputs based on an estimated credit rating for the Company and the trading value of debt for similar debt instruments with similar credit ratings.

Warrant Liability
Warrant liability - Public (Level 1) & Private Warrants (Level 3)
Fair Value Measurement Using
Level 1Level 2Level 3Total
Balance at December 31, 2023
$93 $— $2 $95 
Change in fair value
(17)— — (17)
Balance at December 31, 2024
$76 $— $2 $78 

During the years ended December 31, 2024 and 2023, there were no transfers between Level 1 and Level 2, nor into or out of Level 3.