Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Investment Securities Classified as Available-for-sale

The Company’s investments in marketable securities at March 31, 2025 and December 31, 2024 is as follows:

	March 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
U.S. Treasury Bills	$	15,995	$	—	$	—	$	15,995

	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
U.S. Treasury Bills	$	38,657	$	5	$	—	$	38,662

The contractual maturities of the Company's investments in cash equivalents and marketable securities as of March 31, 2025 and December 31, 2024 is as follows:

March 31, 2025 (in thousands)	Due in One Year or Less		Due After One Year through Five Years		Due After Five Years		Total
Cash equivalents:
U.S. Treasury Bills	$	15,995	$	—	$	—	$	15,995

December 31, 2024 (in thousands)	Due in One Year or Less		Due After One Year through Five Years		Due After Five Years		Total
Cash equivalents:
U.S. Treasury Bills	$	38,662	$	—	$	—	$	38,662

Schedule of Carrying Amounts of Financial Instruments

The following table presents the carrying amounts of the Company’s recurring and non-recurring fair value measurements at March 31, 2025 and December 31, 2024:

	March 31, 2025
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	15,995	$	—	$	15,995	—
Financial liabilities:
Derivative warrant liabilities	$	59	$	—	$	59	$	—
Conversion option derivative liabilities	3,694		—		—		3,694

There were no transfers between levels for the three months ended March 31, 2025 and twelve months ended December 31, 2024.

	December 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	38,662	$	—	$	38,662	$	—
Financial liabilities:
Derivative warrant liabilities	$	17	$	—	$	17	$	—
Conversion option derivative liabilities	385		—		—		385

Schedule of Changes in Fair Value of Level 3 Warrant Liabilities

The following table presents information about the Company’s financial liabilities that are measured at fair value on a recurring basis at March 31, 2025:

(in thousands)	Conversion Option Derivative Liabilities
Balance at December 31, 2023	3,082
Decrease in fair value included in other expense	(2,697)
Balance at December 31, 2024	$	385
Change in fair value included in other expense	3,309
Balance at March 31, 2025	$	3,694

Schedule of Assumptions used in the Valuation of Derivative Liabilities

A summary of the level 3 fair value measurements inputs used in the valuations is as follows:

	March 31, 2025
		Convertible Note Warrant Derivative Liability			Conversion Option Derivative Liabilities
Unit price		$	1.14		$	1.14
Term (in years)		2.36			2.36
Volatility		120.00		%	120.00		%
Risk-free rate		3.89		%	3.89		%
Dividend yield		—			—
Cost of equity		—			—

	December 31, 2024
		Convertible Note Warrant Derivative Liability			Conversion Option Derivative Liability
Unit price		$	0.31		$	0.31
Term (in years)		2.60			2.60
Volatility		112.80		%	112.80		%
Risk-free rate		4.20		%	4.20		%
Dividend yield		—			—
Cost of equity		—			—