Fair Value of Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value of Measurements

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following financial instruments are measured at fair value on a recurring basis (in thousands):

	June 30, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible promissory notes	$	—	$	—	$	5,123	$	5,123
Warrant liabilities		—		—		3,111		3,111
Common stock forward liability		—		—		20		20

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible promissory notes	$	—	$	—	$	4,947	$	4,947
Warrant liabilities		—		—		3,750		3,750
Common stock forward liability		—		—		315		315

Schedule of Valuation Techniques and Inputs Used in the Fair Value Measurement

The table below presents valuation techniques and inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy (in thousands):

	Valuation techniques	Inputs	June 30, 2025		December 31, 2024
Convertible promissory notes, current	Binomial Lattice Model (“BLM”)	Stock price, volatility, remaining term, risk-free rate, credit spread	$	5,123	$	4,947
Warrant liabilities	Black Scholes Merton Model (“BSM”) or BLM	Exercise price, term to expiration, volatility, risk-free rate		3,111		3,750
Common stock forward liability	Discounted Cash Flow (“DCF”)	Various utilization scenarios, risk-free rate, remaining term		20		315

Summary of Changes in the Fair Value of the Company's Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the convertible promissory notes (in thousands):

As of December 31, 2024	$	4,947
Change in fair value		19
As of March 31, 2025		4,966
Change in fair value		157
As of June 30, 2025	$	5,123

The following table sets forth a summary of the changes in the fair value of the warrant liabilities (in thousands):

As of December 31, 2024	$	3,750
Change in fair value		(1,649	)
As of March 31, 2025		2,101
Change in fair value		1,010
As of June 30, 2025	$	3,111

The following table sets forth a summary of the changes in the fair value of the common stock forward liability (in thousands):

As of December 31, 2024	$	315
Change in fair value		(295	)
As of March 31, 2025		20
Change in fair value		—
As of June 30, 2025	$	20