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Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Fair Value Disclosures [Abstract] |  |
Schedule of Assets and Liabilities | The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
|  | Fair Value Measurements at June 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  |  | 5,156 |  |  |  | — |  |  |  | — |  |  |  | 5,156 |
|  | $ | 5,156 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,156 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - public warrants |  | $ | 277 |  |  | $ | — |  |  | $ | — |  |  | $ | 277 |
Warrant liability - private placement warrants |  |  | — |  |  |  | 476 |  |  |  | — |  |  |  | 476 |
Warrant liability - Series A penny warrants |  |  | — |  |  |  | — |  |  |  | 1,480 |  |  |  | 1,480 |
|  | $ | 277 |  |  | $ | 476 |  |  | $ | 1,480 |  |  | $ | 2,233 |
|  | Fair Value Measurements at December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 2,710 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,710 |
Investments in Securities |  |  | 849 |  |  |  | 64,692 |  |  |  | — |  |  |  | 65,541 |
|  | $ | 3,559 |  |  | $ | 64,692 |  |  | $ | — |  |  | $ | 68,251 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - public warrants |  | $ | 454 |  |  | $ | — |  |  | $ | — |  |  | $ | 454 |
Warrant liability - private placement warrants |  |  | — |  |  |  | 780 |  |  |  | — |  |  |  | 780 |
Warrant liability - Series A penny warrants |  |  | — |  |  |  | — |  |  |  | 1,780 |  |  |  | 1,780 |
|  | $ | 454 |  |  | $ | 780 |  |  | $ | 1,780 |  |  | $ | 3,014 |
| The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
(in thousands) |  |  | Fair Value Measurements at December 31, 2024 |
|  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 2,710 |  | $ | — |  | $ | — |  | $ | 2,710 |
Investments in securities |  |  | 849 |  |  | 64,692 |  |  | — |  |  | 65,541 |
|  | $ | 3,559 |  | $ | 64,692 |  | $ | — |  | $ | 68,251 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - public warrants |  | $ | 454 |  | $ | — |  | $ | — |  | $ | 454 |
Warrant liability - private placement warrants |  |  | — |  |  | 780 |  |  | — |  |  | 780 |
Warrant liability - Series A penny warrants |  | $ | — |  | $ | — |  | $ | 1,780 |  | $ | 1,780 |
|  | $ | 454 |  | $ | 780 |  | $ | 1,780 |  | $ | 3,014 |
(in thousands) |  |  | Fair Value Measurements at December 31, 2023 |
|  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 887 |  | $ | — |  | $ | — |  | $ | 887 |
Investments in securities |  |  | 849 |  |  | 70,381 |  |  | — |  |  | 71,230 |
|  | $ | 1,736 |  | $ | 70,381 |  | $ | — |  | $ | 72,117 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - public warrants |  | $ | 1,555 |  | $ | — |  | $ | — |  | $ | 1,555 |
Warrant liability - private placement warrants |  | $ | — |  | $ | 953 |  | $ | — |  | $ | 953 |
|  | $ | 1,555 |  | $ | 953 |  | $ | — |  | $ | 2,508 |
Schedule of Valuation Assumptions | The fair value of the Series A Penny Warrant liability as of June 30, 2025 and December 31, 2024 was determined utilizing a Monte Carlo simulation valuation method, using the following inputs and assumptions:
$ in thousands, except for Stock price, Strike price, and share amounts |  | June 30, 2025 |
Warrant Shares |  |  | 1,304,742 |
Aggregate Value Cap |  | $ | 11,250 |
Stock price |  | $ | 1.95 |
Strike price |  | $ | 0.01 |
Term (in years) |  | 3.7 years |
Volatility |  |  | 100.0 | %
Risk free rate |  |  | 3.7 | %
Dividend Rate |  |  | — | %
$ in thousands, except for Stock price, Strike price, and share amounts |  | December 31, 2024 |
Warrant Shares |  |  | 1,274,742 |
Aggregate Value Cap |  | $ | 11,250 |
Stock price |  | $ | 3.15 |
Strike price |  | $ | 0.01 |
Term (in years) |  | 4.2 |
Volatility |  |  | 100.0 | %
Risk free rate |  |  | 4.3 | %
Dividend Rate |  |  | — | %
| The fair value of the Series A Penny Warrant liability as of March 4, 2024 and December 31, 2024 was determined utilizing a Monte Carlo simulation valuation method, using the following inputs and assumptions:
$ in thousands, except for Stock price, Strike price, and share amounts |  |  | March 4, 2024 |
Warrant Shares |  |  | 1,304,907 |
Aggregate Value Cap |  | $ | 11,250 |
Stock price |  | $ | 15.49 |
Strike price |  | $ | 0.01 |
Term (in years) |  |  | 5 years |
Volatility |  |  | 95.0% |
Risk free rate |  |  | 4.2% |
Dividend Rate |  |  | —% |
$ in thousands, except for Stock price, Strike price, and share amounts |  |  | December 31, 2024 |
Warrant Shares |  |  | 1,274,742 |
Aggregate Value Cap |  | $ | 11,250 |
Stock price |  | $ | 3.15 |
Strike price |  | $ | 0.01 |
Term (in years) |  |  | 4.2 years |
Volatility |  |  | 100.0% |
Risk free rate |  |  | 4.3% |
Dividend Rate |  |  | —% |
Schedule of Change in Fair Value of Derivative Liability | The following table shows the change in the fair value of the Series A Penny Warrant liability for the six months ended June 30, 2025.
|  | June 30, 2025 |
Balance as of December 31, 2024 |  | $ | 1,780 |
Issuance of Series A Penny Warrants |  |  | — |
Change in fair value of Series A Penny Warrants |  |  | (300 | )
Balance as of June 30, 2025 |  | $ | 1,480 |
| The following table shows the change in the fair value of the Series A Penny Warrant liability for the year ended December 31, 2024
(in thousands) |  |  | Amount |
Balance as of December 31, 2023 |  | $ | — |
Issuance of Series A Penny Warrants |  |  | 3,747 |
Change in fair value of Penny Warrant liability |  |  | (1,967) |
Balance as of December 31, 2024 |  | $ | 1,780 |
The following table shows the change in the fair value of the derivative liability associated with the Company's Bridge Notes for the year ended December 31, 2024 and December 31, 2023:
(in thousands) |  |  | Amount |
Balance as of December 31, 2022 |  | $ | 971 |
Change in fair value of derivative liability |  |  | 14,589 |
Derecognition of derivative liability |  |  | (15,560) |
Balance as of December 31, 2023 |  |  | — |
Change in fair value of derivative liability |  |  | — |
Derecognition of derivative liability |  |  | — |
Balance as of December 31, 2024 |  | $ | — |

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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