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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