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Risks and Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Risks and Fair Value

Schedule of concentration of credit risk and of significant suppliers and customers

​

​	​	​	​	​	​	​
​	Three Months Ended March 31,
​	​
​	2025			2024		​
Customer 1	​	39	%	​	51	%
Customer 2	​	24	​	​	20	​
Customer 3	​	8	​	​	13	​

​

​	​	​	​	​	​	​
​	​	As of
​	​	March 31,		​	December 31,
​	​	2025		​	2024
Customer 1	​	47	%	​	46	%
Customer 2	​	27	​	​	28	​
Customer 3	​	7	​	​	8	​

Schedule of change in fair value of derivative liabilities

​

​	​	​	​	​	​
​	Three Months Ended
​	March 31,
​	2025			2024
Change in the fair value of the Conversion Option Derivative Liability	$	—	​	$	2,598
Change in the fair value of Royalty Fee Derivative Liability	​	(606)	​	​	(7,235)
Barings Royalty Fee	​	(372)	​	​	(515)
Total	$	(978)	​	$	(5,152)

Schedule of assets and liabilities measured at fair Value on recurring basis

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Fair Value Measurements as of

​

​

March 31, 2025 Using:

​

Level 1

Level 2

Level 3

Total

Assets:

​

​

​

​

Cash equivalents:

​

​

​

​

Money market funds

​

$

334,599

​

$

—

​

$

—

​

$

334,599

​

​

​

​

​

​

​

​

​

​

​

​

​

Liability:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liability

​

$

—

​

$

—

​

$

13,852

​

$

13,852

​

​

​

​

​

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​

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Fair Value Measurements as of

​

​

December 31, 2024 Using:

​

Level 1

Level 2

Level 3

Total

Assets:

​

​

​

​

Cash equivalents:

​

​

​

​

Money market funds

​

$

378,112

​

$

—

​

$

—

​

$

378,112

​

​

​

​

​

​

​

​

​

​

​

​

​

Liability:

​

​

​

​

Derivative liability

​

$

—

​

$

—

​

$

13,246

​

$

13,246

Royalty Fee Derivative Liability

Risks and Fair Value

Schedule of main inputs to valuing the Derivative Liability

​

​	​	​	​	​	​	​	​
​	​	As of
​	​	March 31,		​	December 31,		​
​	​	2025		​	2024		​
Revenue volatility	​	​	56.7	%	​	64.0	%
Revenue discount rate	​	​	15.5	%	​	16.0	%

​

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

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