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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Liabilities
The table below summarizes the fair values of certain liabilities that are included within the Company's accompanying Consolidated Balance Sheets, and their designations among the three fair value measurement categories:
December 31, 2024
December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities
SPA Warrant (a)
$— $— $188,857 $— $— $— 
Contingent warrants (a)
— — 77,773 — $— — 
IPO, April, May and December 2023 Warrants (b)
— 269 189,322 — 55 27,406 
Delayed Draw Term Loan— — 76,188 — — — 
Embedded derivatives(c)
— — 44,396 — — 4,423 
Total liabilities
$— $269 $576,536 $— $55 $31,829 
(a) Included in Warrants liability - Related party on the Consolidated Balance Sheets.
(b) All these instruments are Level 3, except for the IPO warrants (Level 2). These are included in Warrants liability on the Consolidated Balance Sheets.
(c) Included in Notes Payable - Related Party on the Consolidated Balance Sheets.
Schedule of Assumptions Used to Determine Fair Value of Embedded Conversion Feature
The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants, and the December 2023 warrants are as follows:
April 2023 warrants
December 31, 2024
December 31, 2023
April 12, 2023
Time to expiration3.79 years4.79 years5.51 years
Common stock price$4.86 $1.09 $2.61 
Risk-free interest rate4.3 %3.8 %3.4 %
Volatility90.0 %70.0 %70.0 %
May 2023 warrants
December 31, 2024
December 31, 2023
May 15, 2023
Time to expiration3.54 years4.54 years5.17 years
Common stock price$4.86 $1.09 $2.31 
Risk-free interest rate4.3 %3.8 %3.4 %
Volatility90.0 %70.0 %70.0 %
December 2023 warrants
December 31, 2024
December 31, 2023
December 14, 2023
Time to expiration3.96 years4.96 years5.00 years
Common stock price$4.86 $1.09 $1.32 
Risk-free interest rate4.3 %3.8 %3.9 %
Volatility90.0 %70.0 %70.0 %
The inputs used to determine the fair value of the embedded derivative liabilities are as follows:
2021 Convertible Note
December 31, 2024
December 31, 2023
Term1.50 Years2.50 years
Dividend yield— %— %
Risk-free interest rate4.2 %4.1 %
Volatility65.0 %70.0 %
Effective debt yield30.0 %40.0 %
AFG Convertible Note
December 31, 2024
December 31, 2023
January 18, 2023
Term1.50 Years2.50 years3.45 years
Dividend yield— %— %— %
Risk-free interest rate4.2 %4.1 %3.6 %
Volatility65.0 %70.0 %70.0 %
Effective debt yield30.0 %40.0 %40.0 %
Quantitative information about all significant unobservable inputs used in the fair value measurement for non-recurring level 3 measurements:

Loan Commitment Assets:
June 21, 2024
Milestones achievement expectations
Very high probability
Debt yield
47.5 %
Quantitative information about all significant unobservable inputs used in the fair value measurement for recurring level 3 measurements:

Delayed Draw Term Loan Initial Tranche
June 21, 2024
December 31, 2024
Debt yield
47.5 %30.0 %
Contingent Warrants- all tranches
June 21, 2024
December 31, 2024
Milestones achievement expectations
Very high probabilityVery high probability
Volatility
70.0 %65.0 %
Discount for lack of marketability (“DLOM”)
10.0 %10.0 %
SPA Warrant
June 21, 2024
December 31, 2024
Discount for lack of marketability (“DLOM”)
10.0 %10.0 %
Delayed Draw Term Loan August Draw
August 31, 2024
December 31, 2024
Debt yield
42.5 %30.0 %
Delayed Draw Term Loan October Draw
October 31, 2024
December 31, 2024
Debt yield
42.5 %30.0 %
Schedule of Instruments Initially and Subsequently Measured at Fair Value
The following table summarizes instruments that were initially and subsequently measured at fair value. (see Note 3, Credit and Securities Purchase Transaction):
InstrumentInitial measurement date
Initial Fair Value
Initial Draw of the Delayed Draw Term Loan6/21/202425,653
SPA Warrant6/21/202432,903
Contingent Warrants6/21/202462,191
August Draw of the Delayed Draw Term Loan8/29/202412,528
October Draw of the Delayed Draw Term Loan10/31/202428,340
Schedule of Liabilities Measured at Fair Value
The following table summarizes the changes in the fair value of liabilities that are included within the Company’s accompanying Consolidated Balance Sheets and are designated as Level 3:
For the Years Ended December 31,
20242023
Delayed Draw Term Loan
Balance at beginning of the period$— $— 
Additions- Initial Draw
25,653 — 
Additions- August Draw12,528 — 
Additions- October Draw28,340 — 
Change in fair value of Term Loan9,667 — 
Balance at end of the period$76,188 $— 
SPA Warrant and Contingent Warrants
Balance at beginning of the period$— $— 
Additions95,094 — 
Conversion to preferred stock(193,920)— 
Change in fair value of warrants365,456 — 
Balance at end of the period$266,630 $— 
Embedded derivatives
Balance at beginning of the period$4,423 $1,945 
Additions41 30,619 
Change in fair value of derivatives - related party39,932 (28,141)
Balance at end of the period$44,396 $4,423 
April, May, and December 2023 Warrants
Balance at beginning of the period$27,406 $— 
Additions— 55,330 
Exercised warrants
(9,096)— 
Change in fair value of warrants171,012 (27,924)
Balance at end of the period$189,322 $27,406 
Schedule of Estimated Fair Value of Financial Instruments Not Carried at Fair Value
The estimated fair value of financial instruments not carried at fair value in the Consolidated Balance Sheets was as follows:
Level in fair value hierarchy
December 31, 2024
December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Notes receivable3$847 $740 $863 $719 
Loan commitment assets321,731 21,051 — — 
2021 Convertible Notes*3109,838 91,951 94,386 57,998 
Senior Secured Term Loan3— — 85,624 61,360 
AFG Convertible Notes*
363,033 65,053 18,139 18,352 
Equipment financing facility32,385 2,097 5,710 4,826 
Preferred Stock3488,696 454,581 — — 
DOE Loan Facility
365,452 67,740 — — 
   Total$751,982 $703,213 $204,722 $143,255 
*Includes the embedded derivative liabilities.