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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Level 3 Investments

The table below presents activity within Level 3 of the fair value hierarchy and the Company’s liabilities carried at fair value for the year ended December 31, 2024:

			Level 3
(In thousands)			Contingent Liabilities						Warrant Liabilities						Total
Balance at January 1, 2024			$	996					$	5,548					$	6,544
Total change in foreign exchange rate			(49)						—						(49)
Warrant liability fair value adjustment			248						14,071						14,319
Change due to warrant exercise			—						(19,619)						(19,619)
Change due to liability payment			(221)						—						(221)
Balance at December 31, 2024			$	974					$	—					$	974

Schedule of Fair Value Assumptions for Warrants

The final fair value of the preferred and common warrants at exercise was determined by using option pricing models assuming the following variables:

			December 31, 2024						December 31, 2023
Risk free interest rate			4.75% - 4.93%						4.09%
Expected term (years)			0.1						2.3
Expected volatility			15% - 71%						70%
Expected dividends			0.00%						0.00%

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of December 31, 2024 and December 31, 2023 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.

						December 31, 2024
(In thousands)						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds						$	9					$	—					$	—					$	9
U.S. government agency bonds						—						20,821						—						20,821
Total Assets						$	9.00					$	20,821					$	—					$	20,830
Liabilities:
Contingent Liability						$	—					$	—					$	974					$	974
Total Liabilities						$	—					$	—					$	974					$	974

			December 31, 2023
(In thousands)			Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds			$	392					$	—					$	—					$	392
U.S. government agency bonds			—						19,808						—						19,808
Total Assets			$	392					$	19,808					$	—					$	20,200
Liabilities:
Contingent Liability			$	—					$	—					$	996					$	996
Warrant Liabilities			—						—						5,548						5,548
Total Liabilities			$	—					$	—					$	6,544					$	6,544

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

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-Topic 820
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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 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.

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-Topic 820
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