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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	24,338	$	—	$	—	$	24,338
Corporate debt securities	—		10,747		—		10,747
U.S. government securities	—		2,993		—		2,993
U.S. government agency bonds	—		2,747		—		2,747
Term deposits (less than 90 days)	—		6,771		—		6,771
Payment-dependent notes receivable	—		—		7,433		7,433
Short term investments:
Corporate debt securities	—		6,849		—		6,849
U.S. government securities	—		12,160		—		12,160
U.S. government agency bonds	—		2,499		—		2,499
Term deposits(1)	—		1,075		—		1,075
Total financial assets	$	24,338	$	45,841	$	7,433	$	77,612

Payment-dependent notes payable	$	—	$	—	$	7,433	$	7,433
December 2023 Warrants	—		1		—		1

Total financial liabilities	$	—	$	1	$	7,433	$	7,434


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	56,300	$	—	$	—	$	56,300
U.S. government securities	21,482		—		—		21,482
Term deposits (less than 90 days)	—		7,306		—		7,306
Payment-dependent notes receivable	—		—		7,412		7,412
Term deposits(1)	—		1,068		—		1,068
Total financial assets	$	77,782	$	8,374	$	7,412	$	93,568

Payment-dependent notes payable	$	—	$	—	$	7,412	$	7,412
December 2023 Warrants	—		45		—		45
Private Placement Warrants	—		—		147		147
Total financial liabilities	$	—	$	45	$	7,559	$	7,604

(1) Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.

Fair Value Measurement Inputs and Valuation Techniques

The Company estimated the fair value of the Private Placement Warrant liabilities as of March 31, 2025 and December 31, 2024, respectively, using the following key assumptions:


	As of March 31, 2025			As of December 31, 2024

Fair value of underlying securities	$	0.56		$	0.93
Expected term (years)	2.0			2.2
Expected volatility	85.0		%	82.5		%
Risk-free interest rate	3.9		%	4.3		%
Expected dividend yield	—		%	—		%

Fair value per warrant	$	—		$	0.02

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 three months ended March 31,
	2025		2024
Balance, January 1	$	147	$	4,727
Change in fair value of warrant liability(1)	(147)		(1,625)
Balance, March 31	$	—	$	3,102

(1) The change in fair value of warrant liability is recorded in the unaudited condensed 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 three months ended March 31, 2025 and 2024 (in thousands):


	Total Level 3 Financial Assets		Total Level 3 Financial Liabilities
Balance as of December 31, 2024	$	7,412	7,559
Change in fair value of payment-dependent notes receivable	21		—
Change in fair value of Private Placement Warrants	—		(147)
Change in fair value of payment-dependent notes payable	—		21


Balance as of March 31, 2025	$	7,433	$	7,433


	Total Level 3 Financial Assets		Total Level 3 Financial Liabilities
Balance as of December 31, 2023	$	5,593	$	10,320
Change in fair value of payment-dependent notes receivable	643		—
Change in fair value of Private Placement Warrants	—		(1,625)
Change in fair value of payment-dependent notes payable	—		643


Balance as of March 31, 2024	$	6,236	$	9,338

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


	Total Level 3 Financial Assets		Total Level 3 Financial Liabilities
Balance as of December 31, 2024	$	7,412	7,559
Change in fair value of payment-dependent notes receivable	21		—
Change in fair value of Private Placement Warrants	—		(147)
Change in fair value of payment-dependent notes payable	—		21


Balance as of March 31, 2025	$	7,433	$	7,433


	Total Level 3 Financial Assets		Total Level 3 Financial Liabilities
Balance as of December 31, 2023	$	5,593	$	10,320
Change in fair value of payment-dependent notes receivable	643		—
Change in fair value of Private Placement Warrants	—		(1,625)
Change in fair value of payment-dependent notes payable	—		643


Balance as of March 31, 2024	$	6,236	$	9,338

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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