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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurement of Assets and Liabilities
The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of September 30, 2025 (in thousands):
As of September 30, 2025
Level 1Level 2Level 3Total
Current assets:
Money market funds$7,770 $- $- $7,770 
Total assets$7,770 $- $- $7,770 
Liabilities:
Redeemable convertible preferred stock warrants$- $- $406 $406 
Common stock warrants- - 3,942 3,942 
Term loan- - 54,986 54,986 
Total liabilities$- $- $59,334 $59,334 

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2024 (in thousands):
As of December 31, 2024
Level 1Level 2Level 3Total
Current assets:
Money market funds$7,538 $- $- $7,538 
Total assets$7,538 $- $- $7,538 
Liabilities:
Redeemable convertible preferred stock warrants$- $- $230 $230 
Common stock warrants- - 2,533 2,533 
Term loan- - 51,481 51,481 
Total liabilities$- $- $54,244 $54,244 
Summary of Significant Assumptions Used in Preparing the Option Pricing Model
The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:
September 30,
2025		December 31,
2024
Stock price$40.77 $20.32 
Exercise price
$2.80 – $10.92
$2.80 – $10.92
Volatility76.1 %84.0 %
Expected term (years) 1.50  2.30
Risk-free rate3.50 %4.14 %
Dividend yield- %- %
The significant assumptions used in preparing the option pricing model for valuing the redeemable convertible preferred stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:
September 30,
2025		December 31,
2024
Stock price$42.08 $25.83 
Exercise price$2.59 $2.59 
Volatility76.1 %84.0 %
Expected term (years) 1.50 2.30
Risk-free rate3.50 %4.14 %
Dividend yield- %- %
The significant assumptions used in preparing discounted cash flow for valuing the convertible notes as of right before the conversion date of May 15, 2024, are as follows:
May 15,
2024
Principal outstanding (in $’000s)30,000 
Expected term (years)- 
Risk-free rate5.46 %
Interest rate8.00 %
The significant assumptions used in preparing the income approach model for valuing the new term loan as of September 30, 2025 and December 31, 2024, are as follows:
September 30,
2025		December 31,
2024
Discount rate8.02 %9.37 %
Annual interest rate8.00 %8.00 %
Expected term (years) – Scenario 14.505.32
Expected term (years) – Scenario 25.856.69
Summary of Changes in the Fair Value of Level 3 Financial Instruments
The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
Common Stock
Warrants		Redeemable
Convertible
Preferred Stock
Warrants		Term Loan
Balance at December 31, 2024$2,533 $230 $51,481 
Adjustments to fair value(58)2 1,797 
Balance at March 31, 20252,475 232 53,278 
Adjustments to fair value
(5)19 (1,206)
Balance at June 30, 20252,470 251 52,072 
Adjustments to fair value
1,472 155 2,914 
Balance at September 30, 2025$3,942 $406 $54,986 
Common Stock
Warrants		Redeemable
Convertible
Preferred Stock
Warrants		Convertible NotesTerm Loan
Balance at December 31, 2023$1,653 $146 $47,686 $— 
Adjustments to fair value167 16 337 — 
Balance at March 31, 20241,820 162 48,023 — 
Adjustments to fair value
190 17 498 — 
Gain on extinguishment— — (8,635)— 
Settlements— — (39,886)— 
Balance at June 30, 20242,010 179 — — 
Additions— — — 50,000 
Adjustments to fair value143 16 — 1,650 
Balance at September 30, 2024$2,153 $195 $— $51,650