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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of fair value financial assets measured on a recurring basis
The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:
(in thousands)Level 1Level 2Level 3Total
December 31, 2024
Assets:
Money market funds$19,399 $— $— $19,399 
U.S. Treasuries
5,928 — — 5,928 
Total assets$25,327 $— $— $25,327 
Liabilities:
Debt derivative liabilities$— $— $2,400 $2,400 
Total liabilities$— $— $2,400 $2,400 
December 31, 2023Level 1Level 2Level 3Total
Assets:
Money market funds$24,977 $— $— $24,977 
Total assets$24,977 $— $— $24,977 
Liabilities:
Debt derivative liabilities
$— $— $2,987 $2,987 
Total liabilities$— $— $2,987 $2,987 
Schedule of fair value instruments classified Level 3
The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows:
(in thousands)Debt Derivative Liabilities
Balance, December 31, 2022$4,518 
Change in fair value included in net loss(1,531)
Balance, December 31, 20232,987 
Change in fair value included in net loss(587)
Balance, December 31, 2024$2,400 
Schedule of significant inputs in liability valuation
The significant inputs that are included in the valuation of the debt derivative liability - first tranche include:
December 31, 2024December 31, 2023
Input
Remaining term (years)2.5 years3.5 years
Maturity dateJune 30, 2027June 30, 2027
Coupon rate
9.5% - 13.0%
9.5% - 13.2%
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate12.22% 112.06 %1
Probability of mandatory prepayment after 2024
15.0% 115.0% 1
Estimated timing of mandatory prepayment event after 2024
March 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
Probability of note held-to-maturity 2
80.0% 180.0% 1
1 Represents a significant unobservable input.
2 See Maturity date in table.
The significant inputs that are included in the valuation of the debt derivative liability - second tranche include:
December 31, 2024December 31, 2023
Input
Remaining term (years)3.5 years4.5 years
Maturity dateJune 30, 2028June 30, 2028
Coupon rate
9.5% - 13.0%
9.5% - 13.2%
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate15.48 %115.60 %1
Probability of mandatory prepayment after 2024
15.0% 115.0% 1
Estimated timing of mandatory prepayment event after 2024
March 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
Probability of note held-to-maturity2
80.0 %180.0 %1
1 Represents a significant unobservable input.
2 See Maturity date in table.