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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of Company's Assets and Liabilities Measured Fair Value On Recurring Basis

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy:

		As of March 31, 2025
(Amounts in thousands)		Level 1				Level 2				Level 3				Total
Assets:
U.S. Government treasury securities		$	30,883			$	—			$	—			$	30,883
U.S. Government money market funds			5,336				—				—				5,336
Mutual funds			5,120				—				—				5,120
Total assets, measured at fair value		$	41,339			$	—			$	—			$	41,339
Liabilities:
Earnout share liabilities		$	—			$	—			$	9,507			$	9,507
Total liabilities, measured at fair value		$	—			$	—			$	9,507			$	9,507

		As of December 31, 2024
(Amounts in thousands)		Level 1				Level 2				Level 3				Total
Assets:
U.S. Government treasury securities		$	30,580			$	—			$	—			$	30,580
U.S. Government money market funds			9,247				—				—				9,247
Mutual funds			5,067				—				—				5,067
Total assets, measured at fair value		$	44,894			$	—			$	—			$	44,894

		As of December 31, 2024
(Amounts in thousands)		Level 1				Level 2				Level 3				Total
Liabilities:
Pay-to-Play convertible notes		$	—			$	—			$	15,942			$	15,942
2023 convertible notes			—				—				132,687				132,687
Warrant liabilities			—				—				14,711				14,711
Total liabilities, measured at fair value		$	—			$	—			$	163,340			$	163,340

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair hierarchy (in thousands):

						December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets:
U.S. Government treasury securities		$	30,580			$	—			$	—			$	30,580
U.S. Government money market funds			9,247				—				—				9,247
Mutual funds			5,067				—				—				5,067
Total assets, measured at fair value		$	44,894			$	—			$	—			$	44,894
Liabilities:
Pay-to-Play convertible notes		$	—			$	—			$	15,942			$	15,942
2023 Convertible notes			—				—				132,687				132,687
Warrant liabilities			—				—				14,711				14,711
Total liabilities, measured at fair value		$	—			$	—			$	163,340			$	163,340
						December 31, 2023
		Level 1				Level 2				Level 3				Total
Liabilities:
Pay-to-Play convertible notes		$	—			$	—			$	14,641			$	14,641
2023 Convertible notes			—				—				18,064				18,064
Warrant liabilities			—				—				3,730				3,730
Total liabilities, measured at fair value		$	—			$	—			$	36,435			$	36,435

Summary of Changes Fair Values of Liabilities

The changes in the fair values of the Level 3 liabilities were as follows:

(Amounts in thousands)		Pay-to-Play Convertible Notes				2023 Convertible Notes				Warrant liabilities				Earnout share liabilities				Total
Balance as of December 31, 2024		$	15,942			$	132,687			$	14,711			$	—			$	163,340
Issuance of earnout share awards			—				—				—				126,025				126,025
Change in estimated fair value			27,232				138,471				60,345				(116,518	)			109,530
Conversion to common stock			(43,174	)			(271,158	)			(75,056	)			—				(389,388	)
Balance as of March 31, 2025		$	—			$	—			$	—			$	9,507			$	9,507

(Amounts in thousands)		Pay-to-Play Convertible Notes				2023 Convertible Notes				Warrant liabilities				Earnout share liabilities				Total
Balance as of December 31, 2023		$	14,641			$	18,064			$	3,730			$	—			$	36,435
Issuance of 2023 convertible notes and related warrants			—				10,591				909				—				11,500
Change in estimated fair value			(92	)			4,743				3,515				—				8,166
Balance as of March 31, 2024		$	14,549			$	33,398			$	8,154			$	—			$	56,101

The change in the fair value of the Level 3 liabilities during the years ended December 31, 2024 and 2023 was as follows (in thousands):

		Pay-to-Play Convertible notes				2023 Convertible notes				Warrant liabilities				Total
Balance at January 1, 2023		$	3,139			$	—			$	529			$	3,668
Reinstatement of common stock warrants as preferred stock warrants			—				—				61				61
Issuance of Pay-to-Play convertible notes and related warrants			8,717				—				565				9,282
Common rights offering			142				—				—				142
Issuance of 2023 convertible notes and related warrants			—				11,175				1,125				12,300
Issuance of Pre-funded common stock warrants			—				—				505				505
Change in estimated fair value			2,643				6,889				945				10,477
Balance at December 31, 2023		$	14,641			$	18,064			$	3,730			$	36,435
Issuance of 2023 convertible note warrants and related warrants			—				105,902				4,816				110,718
Issuance of Pre-funded common stock warrants			—				—				464				464
Change in estimated fair value			1,301				8,721				5,701				15,723
Balance at December 31, 2024		$	15,942			$	132,687			$	14,711			$	163,340

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

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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

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- Definition

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

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

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