Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of assets and liabilities measured at fair value

	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

	December 31, 2023
		Total		Level 1		Level 2		Level 3
Convertible Loan– financial liabilities	$	58,633	$	—	$	—	$	58,633

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

	December 31, 2024	December 31, 2023
Discount rate	15.67%-28.28%	21.01%-45.88%
Probabilities of settlement scenarios	0%-75%	0%-85%
Volatility	83.30%-111.60%	101.1%-123.6%
Expected term (in years)	0.10-1.20	0.20-1.50
Risk-free rate	4.08%-5.33%	4.62%-5.39%

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 years ended December 31, 2024 and 2023 (in thousands):

		December 31, 2024		December 31, 2023
Convertible Loan at the beginning of the period	$	58,633	$	—
Net issuance of the Convertible Loan (1)		—		29,226
Initial recognition of modified Convertible Loan (1)		—		35,031
Change in fair value		(31,399)		21,845
Amount exchanged (2)		—		(31,332)
Loss on the Convertible Loan extinguishment		5,663		3,863
Convertible Loan at the end of the period	$	32,897	$	58,633

(1) The Convertible Loan is carried at fair value in the consolidated balance sheets. As such, the principal and accrued interest are included in the detemination of fair value.

(2) The Company concluded that the amendment to the Convertible Loan was an extinguishment for accounting purposes and the amount exchanged was the relative fair value allocated to the Convertible Loan at the extinguishment date (Note 7 , “Convertible Loan”).