Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:

	December 31, 2024
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	14,237	$	—	$	—		$	14,237	$	14,237	$	—
Level 1
Money market funds		10,645		—		—			10,645		10,645		—
Level 2
U.S. agency securities		17,492		14		(2	)		17,504		—		17,504
U.S. Treasury securities		10,957		6		—			10,963		2,000		8,963
Commercial paper		12,711		9		(4	)		12,716		1,982		10,734
Corporate bonds		45,918		31		(7	)		45,942		—		45,942
Subtotal		87,078		60		(13	)		87,125		3,982		83,143
Total assets	$	111,960	$	60	$	(13	)	$	112,007	$	28,864	$	83,143
Liabilities
Level 3
Warrant liabilities		—		—		—			8,258		—		—
Total liabilities	$	—	$	—	$	—		$	8,258	$	—	$	—

	December 31, 2023
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	21,799	$	—	$	—		$	21,799	$	21,799	$	—
Level 1
Money market funds		6,266		—		—			6,266		6,266		—
Level 2
U.S. Government securities		35,962		8		(97	)		35,873		—		35,873
U.S. Treasury securities		18,323		1		(14	)		18,310		10,482		7,828
Commercial paper		38,491		25		(16	)		38,500		—		38,500
Corporate bonds		100,274		136		(130	)		100,280		—		100,280
Subtotal		193,050		170		(257	)		192,963		10,482		182,481
Total assets	$	221,115	$	170	$	(257	)	$	221,028	$	38,547	$	182,481
Liabilities
Level 3
Warrant liabilities		—		—		—			6,772		—		—
Total liabilities	$	—	$	—	$	—		$	6,772	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

	December 31, 2024			December 31, 2023
Fair value, beginning balance	$	6,772		$	90
Fair value at issuance of Series A warrants		—			6,450
Change in the fair value of Series A warrants included in other income    (expense), net		1,500			300
Change in the fair value of private placement warrants included    in other income (expense), net		(14	)		(68	)
Fair value, closing balance	$	8,258		$	6,772

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:

	December 31, 2024			December 31, 2023
Expected term (years)		1.2			2.2
Expected volatility		90.0	%		94.1	%
Risk-free interest rate		4.21	%		4.23	%
Dividend yield		0	%		0	%
Exercise Price	$	57.50		$	57.50

Warrant And Series A [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:

	December 31, 2024			December 31, 2023
Expected term (years)		3.0			4.0
Expected volatility		90.0	%		87.2	%
Risk-free interest rate		4.23	%		3.89	%
Dividend yield		0	%		0	%
Exercise Price	$	5.00		$	5.00