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Warrants (Tables) | 3 Months Ended
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Mar. 31, 2025
Warrants and Rights Note Disclosure [Abstract] |
Schedule of Warrants Outstanding | Warrants that have not been tendered for exchange and outstanding at March 31, 2025, and December 31, 2024, are as follows:
| March 31, 2025 |  | December 31, 2024
Public Warrants | 1,751,825 |  |  | 1,751,825 |
Private Placement Warrants | 4,428,648 |  |  | 4,428,648 |
Working Capital Warrants | 1,000,000 |  |  | 1,000,000 |
OrbiMed Warrants | 222,068 |  |  | 130,805 |
Total warrants | 7,402,541 |  |  | 7,311,278 |
Fair Value Measurement Inputs and Valuation Techniques | Assumptions used in the valuation are described below:
| March 31, 2025 |  | December 31, 2024
Current stock price | $ | 5.52 |  |  | $ | 5.01 |
Expected share price volatility | 70.0 | % |  | 70.0 | %
Risk-free interest rate | 3.9 | % |  | 4.3 | %
Expected term (years) | 3.36 |  | 3.61
Estimated dividend yield | — | % |  | — | %
The following table summarizes activity in the Public Warrants, Private Placement Warrants, Working Capital Warrants and Exchange Warrants in the three months ended March 31, 2025. There was no activity in the three months ended March 31, 2024.
Series |  | Balance at December 31, 2024 |  | Exchanges |  | Issuances |  | Retirements / Conversions |  | Balance at March 31, 2025
Public Warrants |  | 1,751,825 |  | — |  | — |  | — |  | 1,751,825 |
Private Placement Warrants |  | 4,428,648 |  | — |  | — |  | — |  | 4,428,648 |
Working Capital Warrants |  | 1,000,000 |  | — |  | — |  | — |  | 1,000,000 |
The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:
| March 31, 2025 | December 31, 2024
Expected term (years) | 6.1 | 6.3
Risk free interest rate | 4.0% | 4.5%
Expected volatility | 70.0% | 70.0%
Dividend yield | 0 | 0
Exercise price | $9.3722 | $9.3722
Stock price | $5.52 | $5.01
The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:
| March 31, 2025 | February 18, 2025
Expected term (years) | 6.9 | 7.0
Risk free interest rate | 4.1% | 4.1%
Expected volatility | 70.0% | 70.0%
Dividend yield | 0 | 0
Exercise price | $5.4787 | $5.4787
Stock price | $5.52 | $5.69
Assumptions used in the valuation are described below:
Valuation assumptions: | March 31, 2025 |  | December 31, 2024
Expected draws | $ | 3,000 |  | $ | 2,000
Expected probability of draws | 25% |  | 90 | %
Risk-free interest rate | 4.3 | % |  | 4.4 | %

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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/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 2: 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 Reference 3: 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 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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