Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Summary of significant inputs as of the valuation dates

	March 31,				January 7
	2025				2025
		Series A		Series B		Series A		Series B
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Stock Price	$	0.58	$	0.58	$	15.91	$	15.91
Exercise Price		8.06		8.06		45.00		45.00
Expected volatility		136.00%		210.00%		99.00%		130.00%
Risk-free interest rate		4.00%		3.90%		4.36%		4.22%
Expected life (in years)		4.77		2.27		5.00		2.50
Expected dividend yield		—		—		—		—

Summary of recurring measurements for assets and liabilities at fair value

The following details the Company’s recurring measurements for assets and liabilities at fair value (in thousands, unaudited):

		Convertible Notes		Warrant Liabilities		Contingent Consideration		Embedded Forward Purchase Agreement and Make Whole Derivative
		(Level 3)		(Level 3)		(Level 3)		(Level 3)
Balance, January 1, 2025	$	11,689	$	1,187	$	3,541	$	-
Issuance of convertible notes		-		-		-		-
Issuance of warrants		-		93,986		-		-
Change in fair value		1,631		(86,729)		(3,488)		-
Warrant cashless exercise		-		(6,418)		-		-
Termination of forward purchase agreements		-		-		-		-
Balance, March 31, 2025	$	13,320	$	2,026	$	53	$	-
Balance, January 1, 2024	$	-	$	1,447	$	104,350	$	41,043
Issuance of convertible notes		5,000		-		-		-
Change in fair value		87		20,903		63,769		(413)
Warrant cashless exercise		-		(10,350)		-		-
Termination of forward purchase agreements		-		-		-		(40,380)
Balance, March 31, 2024	$	5,087	$	12,000	$	168,119	$	250

Series A and B warrants

Fair Value Measurements

Summary of activity for the Company's issued and outstanding warrants

	Series A	Series B
Issued and Outstanding, January 1, 2025	-	-
Number of warrants issued	3,565,245	3,565,245
Number of warrants exercised	-	(3,142,511)
Issued and Outstanding, March 31, 2025	3,565,245	422,734