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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value

The financial assets and liabilities measured and recognized at fair value were as follows as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025

Total

Level 1

Level 2

Level 3

Investments in money market fund – financial assets, included in cash and cash equivalents

$

12,119

$

12,119

$

$

Convertible Loan– financial liabilities

48,088

48,088

December 31, 2024

Total

Level 1

Level 2

Level 3

Investments in money market fund – financial assets, included in cash and cash equivalents

$

4,955

$

4,955

$

$

Convertible Loan– financial liabilities

32,897

32,897

Schedule of estimated the fair value of its Convertible Loan using inputs

The Company estimated the fair value of its Convertible Loan using the following inputs as of September 30, 2025 and December 31, 2024:

September 30, 2025

December 31, 2024

Discount rate

18.59%

15.67%-28.28%

Probabilities of settlement scenarios

0%-65%

0%-75%

Volatility

93.50%

83.30%-111.60%

Expected term (in years)

0.30-0.50

0.10-1.20

Risk-free rate

3.79%-3.94%

4.08%-5.33%

Schedule of changes in the fair value of its Convertible Loan

The following table presents a summary of the changes in the fair value of its Convertible Loan for the nine months ended September 30, 2025 and 2024 (in thousands):

Nine Months Ended September 30, 

2025

2024

Convertible Loan at the beginning of the period

$

32,897

$

58,633

Change in fair value

15,191

 

(17,276)

Convertible Loan at the end of the period

$

48,088

$

41,357