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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):
As of December 31, 2024
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$56,300 $— $— $56,300 
U.S. government treasury bills21,482 — — 21,482 
Term deposits (less than 90 days)— 7,306 — 7,306 
Payment-dependent notes receivable, non-current— — 7,412 7,412 
Term deposits(1)(2)
— 1,068 — 1,068 
Total financial assets$77,782 $8,374 $7,412 $93,568 
Payment-dependent notes payable, non-current$— $— $7,412 $7,412 
December 2023 Warrants(3)
— 45 — 45 
Private Placement Warrants— — 147 147 
Total financial liabilities$— $45 $7,559 $7,604 
As of December 31, 2023
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$130,132 $— $— $130,132 
Term deposits (less than 90 days)— 2,221 — 2,221 
Payment-dependent notes receivable, non-current— — 5,593 5,593 
Term deposits(1)(2)
— 7,694 — 7,694 
Total financial assets$130,132 $2,221 $5,593 $145,640 
Payment-dependent notes payable, non-current— — 5,593 5,593 
December 2023 Warrants(3)
— 4,889 — 4,889 
Private Placement Warrants— — 4,727 4,727 
Total financial liabilities$— $4,889 $10,320 $15,209 

(1) Included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2024 and December 31, 2023.
(2) Includes $0.9 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements as of December 31, 2024 and $1.0 million as of December 31, 2023.
(3) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 9, "Warrants" for additional information.
Fair Value Measurement Inputs and Valuation Techniques
The Company estimated the fair value of the Private Placement Warrant liabilities as of December 31, 2024 and 2023, respectively, using the following key assumptions:
As of December 31,
20242023
Fair value of underlying securities$0.93 $3.43 
Expected term (years)2.2 3.2 
Expected volatility82.5 %117.0 %
Risk-free interest rate4.3 %4.0 %
Expected dividend yield— %— %
Fair value per warrant$0.02 $0.64 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The Company recorded changes in the fair value of the Private Placement Warrants as follows (in thousands):
For the years ended December 31,
20242023
Balance, January 1$4,727 $222 
Change in fair value of warrant liability(1)
(4,580)4,505 
Balance, December 31$147 $4,727 

(1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Gain (loss) from change in fair value of warrant liabilities.
The following table provides a reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023 (in thousands):
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2022$7,371 $7,977 
Change in fair value of payment-dependent notes receivable(1,778)— 
Change in fair value of Private Placement Warrants— 4,505 
Change in fair value of payment-dependent notes payable— (1,778)
Change in fair value of December 2023 Warrants(1)
— 721 
Transfer of Private Placement Warrants out of Level 3 to Level 2(2)
— (1,105)
Balance as of December 31, 2023$5,593 $10,320 
Change in fair value of payment-dependent notes receivable1,819 — 
Change in fair value of Private Placement Warrants — (4,580)
Change in fair value of payment-dependent notes payable— 1,819 
Balance as of December 31, 2024$7,412 $7,559 

(1) On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and transferred from Level 3 to Level 2 upon modification as these warrants are valued using a Black-Scholes option pricing model using observable market inputs. See Note 9 "Warrants," for additional information.
(2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023 (in thousands):
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2022$7,371 $7,977 
Change in fair value of payment-dependent notes receivable(1,778)— 
Change in fair value of Private Placement Warrants— 4,505 
Change in fair value of payment-dependent notes payable— (1,778)
Change in fair value of December 2023 Warrants(1)
— 721 
Transfer of Private Placement Warrants out of Level 3 to Level 2(2)
— (1,105)
Balance as of December 31, 2023$5,593 $10,320 
Change in fair value of payment-dependent notes receivable1,819 — 
Change in fair value of Private Placement Warrants — (4,580)
Change in fair value of payment-dependent notes payable— 1,819 
Balance as of December 31, 2024$7,412 $7,559 

(1) On December 18, 2023, the Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and transferred from Level 3 to Level 2 upon modification as these warrants are valued using a Black-Scholes option pricing model using observable market inputs. See Note 9 "Warrants," for additional information.
(2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023.