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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Total

​

​

Level 1

​

​

Level 2

​

​

Level 3

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

$

7,998

​

$

7,998

​

$

—

​

$

—

Convertible Loan– financial liabilities

​

27,694

​

​

—

​

​

—

​

​

27,694

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 March 31, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

December 31, 2024

Discount rate

​

18.43%

​

​

15.67%-28.28%

Probabilities of settlement scenarios

​

0%-65%

​

​

0%-75%

Volatility

​

76.40%

​

​

83.30%-111.60%

Expected term (in years)

​

0.80-1.0

​

​

0.10-1.20

Risk-free rate

​

3.97%-4.04%

​

​

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 three months ended March 31, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 2025

​

​

March 31, 2024

Convertible Loan at the beginning of the period

$

32,897

​

$

58,633

Change in fair value

​

(5,203)

​

 

13,025

Convertible Loan at the end of the period

$

27,694

​

$

71,658

​