Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Investment Securities Classified as Available-for-sale

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

	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 December 31, 2024 is as follows:

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 June 30, 2025 and December 31, 2024:

	June 30, 2025
(in thousands)	Total		Level 1		Level 2		Level 3
Financial liabilities:
Derivative warrant liabilities	$	112	$	—	$	112	$	—
Conversion option derivative liabilities	7,681		—		—		7,681

There were no transfers between levels for the three and six months ended June 30, 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 June 30, 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	7,296
Balance at June 30, 2025	$	7,681

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:

	June 30, 2025
		Convertible Note Warrant Derivative Liability			Conversion Option Derivative Liabilities
Unit price		$	2.05		$	2.05
Term (in years)		2.11			2.11
Volatility		120.00		%	120.00		%
Risk-free rate		3.68		%	3.68		%
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		—			—