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Standby Equity Purchase Agreement (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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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- References

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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

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