Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Company's financial instruments at fair value based on the fair value hierarchy for each class of instrument

The following tables summarize the Company’s financial instruments at fair value based on the fair value hierarchy for each class of instrument (in thousands):

March 31, 2025 (Successor)	Level 1		Level 2		Level 3
Assets:
Money market account	$	11,469	$	—	$	—
Liabilities:
Convertible Securities Notes	$	—	$	—	$	17,652
Convert Warrants	$	—	$	—	$	114
December 31, 2024 (Successor)	Level 1		Level 2		Level 3
Assets:
Money market account	$	19,014	$	—	$	—
Liabilities:
Convertible Securities Notes	$	—	$	—	$	17,180
Convert Warrants	$	—	$	—	$	152

Convertible Securities Notes

Schedule of assumptions used in estimating fair value of convertible promissory notes and common stock warrant liabilities

		Successor			Successor
Convertible Securities Notes		March 31, 2025			December 31, 2024
Stock price	$	0.80		$	1.05
Discount rate		22.5	%		20.6	%
Expected term (years)		3.08			3.33
Risk-free interest rate		3.82	%		4.20	%
Volatility		75	%		60	%

Schedule of presents changes in the Level 3 warrant liabilities measured at fair value

The following table presents changes in the Level 3 convertible promissory notes measured at fair value for the three months ended 31, 2025 (Successor) (in thousands):

Convertible Securities Notes - Three Months Ended March 31, 2025 (Successor)
Balance (beginning of period)	$	17,180
Accrued interest		662
Fair value measurement adjustments		(190)
Balance (end of period)	$	17,652

Convert Warrants

Schedule of assumptions used in estimating fair value of convertible promissory notes and common stock warrant liabilities

	Successor			Successor
Convert Warrants	March 31, 2025			December 31, 2024
Common stock price	$	0.80		$	1.05
Expected volatility		70.0	%		65.0	%
Risk free rate		3.97	%		4.36	%
Expected dividend yield		—	%		—	%
Expected term (years)		6.34			6.58

Schedule of presents changes in the Level 3 warrant liabilities measured at fair value

The following table presents changes in the Level 3 Convert Warrants measured at fair value for the three months ended March 31, 2025 (Successor) (in thousands):

Convert Warrants - Three Months Ended March 31, 2025 (Successor)
Balance (beginning of period)	$	152
Additions		—
Fair value measurement adjustments		(38)
Balance (end of period)	$	114