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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Schedule of fair value of assets and liabilities

The following tables represent the Company’s fair value hierarchy for financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):

    

Fair Value Measurements as of December 31, 2024

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

Cash equivalents

Money market funds

$

168,847

$

$

$

168,847

Marketable securities

 

 

U.S. treasuries

 

47,137

 

71,600

 

 

118,737

Total assets

$

215,984

$

71,600

$

$

287,584

    

Fair Value Measurements as of December 31, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

Cash equivalents

Money market funds

$

21,310

$

$

$

21,310

U.S. treasuries

2,000

2,000

Marketable securities

U.S. treasuries

 

1,958

 

998

 

 

2,956

Total assets

$

25,268

$

998

$

$

26,266

Schedule of assumptions used in the valuation of the derivative liability

    

Year Ended December 31,

2024

    

2023

Expected term (in years)

0.20.4

0.00.4

Volatility

 

55.1%59.9

%

43.2%83.2

%

Risk-free interest rate

 

5.4%5.5%

%

5.2%5.6

%

Dividend yield

 

0.0

%

0.0

%

Probability of option exercise

 

0.0%100.0%

%

30.0%100.0

%

Schedule of roll-forward of the fair value of the Company's Level 3 financial instrument of the derivative liability

The following table provides a roll-forward of the fair value of the Company’s Level 3 financial instruments, the derivative liability, for the years ended December 31, 2024 and 2023 (in thousands):

    

Year Ended December 31,

2024

    

2023

Fair value at beginning of period

$

$

Fair value upon issuance

 

8,913

2,112

Changes in fair value

 

5,406

119

Fair value upon settlement

 

(14,319)

(2,231)

Fair value at end of period

 

$

$