Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value as of March 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	30,351	$	—	$	—	$	30,351
Marketable securities	—		39,213		—		39,213
Total fair value	$	30,351	$	39,213	$	—	$	69,564
Liabilities:
Common stock warrants (Public)	$	1,217	$	—	$	—	$	1,217
Common stock warrants (Private Placement)	—		571		—		571
Earnout liability	—		—		24		24
Derivative liability	—		23		—		23
Total fair value	$	1,217	$	594	$	24	$	1,835

	Fair Value as of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	46,953	$	—	$	—	$	46,953
Marketable securities	—		46,613		—		46,613
Derivative asset	—		15		—		15
Total fair value	$	46,953	$	46,628	$	—	$	93,581
Liabilities:
Common stock warrants (Public)	$	3,108	$	—	$	—	$	3,108
Common stock warrants (Private Placement)	—		1,458		—		1,458
Earnout liability	—		—		2,486		2,486
Total fair value	$	3,108	$	1,458	$	2,486	$	7,052

Summary of Activities of Earnout Liability

The following table summarizes the activities for the earnout liability during the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
(in thousands)	2025		2024
Balance at beginning of period	$	2,486	$	1,783
Gain in fair value of earnout liability	(2,462)		(1,518)
Balance at end of period	$	24	$	265

Schedule of Marketable Securities

The following table summarizes the marketable securities by major security type as follows:

	As of March 31, 2025
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	3,858	$	23	$	—	$	3,881
Asset-backed securities	32,913		47		(1,179)		31,781
U.S. government and agency securities	3,550		1		—		3,551
Total marketable securities	$	40,321	$	71	$	(1,179)	$	39,213

	As of December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	3,741	$	30	$	—	$	3,771
Asset-backed securities	36,309		39		(1,349)		34,999
U.S. government and agency securities	7,829		14		—		7,843
Total marketable securities	$	47,879	$	83	$	(1,349)	$	46,613

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities are as follows:

	As of March 31, 2025
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	—	$	3,180	$	701	$	3,881
Asset-backed securities	—		—		31,781		31,781
U.S. government and agency securities	1,895		—		1,656		3,551
Total marketable securities	$	1,895	$	3,180	$	34,138	$	39,213

	As of December 31, 2024
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	—	$	2,869	$	902	$	3,771
Asset-backed securities	—		—		34,999		34,999
U.S. government and agency securities	5,984		—		1,859		7,843
Total marketable securities	$	5,984	$	2,869	$	37,760	$	46,613