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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy:
March 31, 2025
 (in thousands)Level 1Level 2Level 3
Liabilities:
Warrant liabilities1
$— $— $23,624 
Derivative call options1
$— $— 17,057 
Notes payable1
$— $— 21,136 
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.
December 31, 2024
(in thousands)Level 1Level 2Level 3
Liabilities:
Warrant liabilities1
$— $— $28,864 
Derivative call options1
29,709 
Notes payable1
— — 46,628 
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the activity of Level 3 fair value measurements:
(in thousands)
Warrant Liabilities1
Derivative Call Option1
Notes Payable1
Balance as of December 31, 2024
$28,864 $29,709 $46,628 
Additions16,341 
2
19,730 
2
12,525 
3
Change in fair value measurements(21,581)(32,382)(22,445)
Conversions of notes to Class A Common Stock— — (15,572)
Balance as of March 31, 2025
$23,624 $17,057 $21,136 
_______________
1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.
2 Addition to Warrant Liabilities and Derivative Call Option are included as loss in line items Change in fair value of notes payable, warrant liabilities, and derivative call options and Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. This information is presented to facilitate reconciliation to the related amounts reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
3 Additions of Notes Payable measured at fair value are presented net of the initial fair value adjustment recorded at issuance. This adjustment, which reduced the principal amount of the Notes Payable by $11,349 thousand upon initial recognition, is presented as gain in the line items Change in fair value of notes payable, warrant liabilities, and derivative call options and Change in fair value of related party notes payable, warrant liabilities, and derivative call options in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. In addition, the line item Change in fair value of notes payable, warrant liabilities, and derivative call options includes a loss of $429 thousand, and the line item Change in fair value of related party notes payable, warrant liabilities, and derivative call options includes a loss of $76 thousand, both of which relate to debt issuance costs. These costs are separately identifiable from the fair value adjustments described above and are not included in the Additions of Notes Payable This information is presented to facilitate reconciliation to the related amounts reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.
Schedule of Earnings Per Share, Basic and Diluted
The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares as follows:
Three Months Ended March 31,
(in thousands, except share and per share amounts)20252024
Net loss$(10,278)$(48,217)
Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic75,749,893 1,837,959 
Diluted75,749,893 1,837,959 
Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic$(0.14)$(26.23)
Diluted$(0.14)$(26.23)