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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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

Summary of company's assets and liabilities that were measured at fair value on a 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 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

Schedule of summary of changes in the fair value of financial instruments that are measured at fair value on a recurring basis

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

BURTECH ACQUISITION CORP [Member]

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

Summary of company's assets and liabilities that were measured at fair value on a recurring basis

						Quoted Prices				Significant Other				Significant Other
		As of December 31,				in Active Markets				Observable Inputs				Unobservable Inputs
		2024				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Money Market Funds held in Trust Accounts		$	47,558,112			$	47,558,112			$	—			$	—
Liabilities:
Derivative liability - Non-Redemption Agreement			1,084,963				—				—				1,084,963

						Quoted Prices				Significant Other				Significant Other
		As of December 31,				in Active Markets				Observable Inputs				Unobservable Inputs
		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Money Market Funds held in Trust Accounts		$	71,432,177			$	71,432,177			$	—			$	—

Schedule of summary of changes in the fair value of financial instruments that are measured at fair value on a recurring basis

		Subscription Purchase				Non-Redemption
		Agreement				Agreement
Balance as of December 31, 2023		$	—			$	—
Initial Measurement on April 22, 2024			361,124				—
Initial Measurement on December 31, 2024			—				1,084,963
Change in estimated fair value			(361,124	)			—
Balance as of December 31, 2024		$	—			$	1,084,963

BURTECH ACQUISITION CORP [Member] | Backstop Subscription Agreement

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

Summary of key inputs used to value the company's Backstop subscription agreement / Non-Redemption Agreement

		Initial
		Measurement(1)
Stock price		$	11.05
Risk-free rate			5.4	%
Weighted-average expected life (in years)			0.5
Market implied likelihood of Initial Business Combination			10.4	%

BURTECH ACQUISITION CORP [Member] | Non-Redemption Agreement

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

Summary of key inputs used to value the company's Backstop subscription agreement / Non-Redemption Agreement

		Initial
		Measurement(1)
Stock price		$	15.00
Volatility			118.2	%
Risk-free rate			4.2	%
Debt rate			11.8	%
Weighted-average expected life (in years)			0.5

(1) The initial measurement date of the Non-Redemption Agreement was December 31, 2024, as such, no remeasurement was required 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

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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.

+ References

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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

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