Fair Value Measurements and Hierarchy (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Financial Liabilities

Information about the Company’s financial liabilities measured at fair value on a recurring basis is presented below:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Warrant liability as of March 31, 2025	$	127	$	—	$	6,863	$	6,990
Warrant liability as of December 31, 2024	$	127	$	—	$	10,185	$	10,312

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key Level 3 weighted average inputs into the option pricing model related to the private placement warrants to purchase Class A common stock were as follows:

	March 31, 2025			December 31, 2024
Volatility	93.5		%	91.7		%
Risk-free interest rate	4.0		%	4.4		%
Exercise price	$	0.50		$	0.50
Expected term	6.0 Years			6.2 years

Schedule of Changes in the Fair Value

The following table sets forth a summary of changes in the fair value of the Company’s private placement warrants to purchase Class A common stock, which are considered to be Level 3 fair value measurements:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Beginning balance	$	10,185	$	29
Mark-to-market adjustment of stock warrants	(3,322)		(5)
Ending balance	$	6,863	$	24