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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Liabilities measured at fair value on a recurring basis as of June 30, 2025, are summarized as follows:

(in thousands)

Level

 

June 30, 2025

 

 

December 31, 2024

 

Derivative liability

3

 

$

104

 

 

$

211

 

Warrant liability

2

 

 

27,059

 

 

 

22,373

 

Total

 

 

$

27,163

 

 

$

22,584

 

Fair Value Measurements within the Fair Value Hierarchy of Derivative Liabilities Using Level 3 Inputs

The following table details the roll-forward of the Level 3 liabilities during the six months ended June 30, 2025:

(in thousands)

 

 

Balance at December 31, 2024

$

211

 

Change in fair value of derivative liability

 

(116

)

Issuance of note

 

9

 

Balance at June 30, 2025

$

104

 

Embedded Derivative Liability Valuation Assumptions The embedded derivative liability was valued at each of the respective issuance dates and at year-end using the following market-based inputs:

 

June 30, 2025

 

 

December 31, 2024

 

Price of Common Stock

$

1.39

 

 

$

2.27

 

Volatility

 

75

%

 

 

60

%

Market Risk Spread

 

10.29

%

 

 

9.56

%

Expected Term (in years)

1.42 - 1.67

 

 

 

0.75