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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of information about the Company's assets and liabilities that are regularly measured and carried at fair value

The following tables present information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):

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​

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As of December 31, 2024

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Description

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Total Carrying Value

​

​

Quoted Prices in Active Market (Level 1)

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Significant Other Observable Inputs (Level 2)

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Significant Other Observable Inputs (Level 3)

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash

​

$

19,070

​

$

19,070

​

$

—

​

$

—

​

Money market funds

​

​

300,672

​

​

300,672

​

​

—

​

​

—

​

Investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial paper

​

​

3,315

​

​

—

​

​

3,315

​

​

—

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Corporate debt securities

​

​

8,601

​

​

—

​

​

8,601

​

​

—

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Government securities

​

​

19,108

​

​

19,108

​

​

—

​

​

—

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Total assets

​

$

350,766

​

$

338,850

​

$

11,916

​

$

—

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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As of December 31, 2023

Description

​

Total Carrying Value

​

​

Quoted Prices in Active Market (Level 1)

​

Significant Other Observable Inputs (Level 2)

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Significant Other Observable Inputs (Level 3)

Liabilities:

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​

​

​

​

​

​

​

​

​

​

​

BMS note

​

$

20,300

​

$

—

​

$

—

​

$

20,300

Total liabilities

​

$

20,300

​

$

—

​

$

—

​

$

20,300

Summary of available-for-sale securities

The following table summarizes the available-for-sale securities (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024
​	​	Amortized Cost	​	​	Gross Unrealized Gains	​	​	Gross Unrealized Losses	​	​	Fair Value
Short-term investments:	​	​	​	​	​	​	​	​	​	​	​
Commercial paper	$	3,311	​	$	4	​	$	—	​	$	3,315
Corporate debt securities	​	8,589	​	​	12	​	​	—	​	​	8,601
Government securities	​	19,093	​	​	17	​	​	(2)	​	​	19,108
Total	$	30,993	​	$	33	​	$	(2)	​	$	31,024

Schedule of changes in the company's liabilities with significant unobservable inputs

The following tables presents changes to the Company’s liabilities with significant unobservable inputs (Level 3 liabilities) during the years ended December 31, 2024 and 2023 (in thousands):

​	​	​	​
​		​	Convertible notes
Convertible Note:		​	​
Balance as of December 31, 2022	​	$	—
Issuance of BMS Note	​	​	20,000
Change in fair value of BMS Note	​	​	300
Balance as of December 31, 2023	​	$	20,300
Change in fair value of BMS Note	​	​	846
Issuance of Series C Preferred Stock in exchange for BMS Note	​	​	(21,146)
Balance as of December 31, 2024	​	$	—

​

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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