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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a recurring basis

The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and the level of inputs used in such measurements (in thousands):

		March 31, 2025
		Balance				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Liabilities
Oramed Note		$	14,962			$	—			$	—			$	14,962
Tranche B Notes			24,480				—				—				24,480
Purchased revenue liability			7,300				—				—				7,300
Derivative liabilities			7,894				—				—				7,894
Other long-term liabilities			155				—				—				155
Total liabilities measured at fair value		$	54,791			$	—			$	—			$	54,791

		December 31, 2024
		Balance				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Liabilities
Oramed Note		$	12,161			$	—			$	—			$	12,161
Tranche B Notes			23,560				—				—				23,560
Purchased revenue liability			6,800												6,800
Derivative liabilities			18,303				—				—				18,303
Other long-term liabilities			155				—				—				155
Total liabilities measured at fair value		$	60,979			$	—			$	—			$	60,979

The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and the level of inputs used in such measurements (in thousands):

		December 31, 2024
		Balance				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Liabilities
Oramed Note		$	12,161			$	—			$	—			$	12,161
Tranche B Notes			23,560				—				—				23,560
Purchased Revenue Liability			6,800				—				—				6,800
Derivative liabilities			18,303				—				—				18,303
Other long-term liabilities			155				—				—				155
Total liabilities measured at fair value		$	60,979			$	—			$	—			$	60,979

		December 31, 2023
		Balance				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Liabilities
Oramed Note		$	104,089			$	—			$	—			$	104,089
Convertible Debentures			4,340				—				—				4,340
Derivative liabilities			1,518				—				—				1,518
Other long-term liabilities			179				—				—				179
Total liabilities measured at fair value		$	110,126			$	—			$	—			$	110,126

Schedule of the derivative liabilities measured at fair value using significant unobservable inputs Level 3

The following table includes a summary of the derivative liabilities measured at fair value during the three months ended March 31, 2025 (in thousands):

		Fair Value
Ending Balance as of December 31, 2024		$	18,303
Change in fair value measurement			(10,409	)
Ending Balance as of March 31, 2025		$	7,894

The following table includes a summary of the derivative liabilities measured at fair value during the years ended December 31, 2024 and 2023 (in thousands):

		Fair Value
Ending Balance as of December 31, 2022		$	1,231
Change in fair value measurement			512
Forfeiture of Private Warrants			(225	)
Ending Balance as of December 31, 2023			1,518
Issuance of February 2024 BDO Firm Warrants as part of February 2024 BDO, April 2024 RDO Common Warrants as part of April 2024 RDO, October 2024 Noteholder Warrants as part of Tranche B Notes, December 2024 RDO Common Warrants as part of December 2024 RDO, and December 2024 RDO Pre-Funded Warrants as part of December 2024 RDO			34,330
Reclass of Deposit Warrant liability upon satisfaction of FSF Deposit			1,690
Cancellation of Private Warrants as part of Oramed Letter Agreement			(445	)
Warrant amendment and exercise as part of December 2024 RDO			(428	)
Settlement of December 2024 RDO Pre-Funded Warrants			(984	)
Change in fair value measurement			(17,378	)
Ending Balance as of December 31, 2024		$	18,303

Schedule of quantitative information regarding Level 3 fair value measurements

A summary of the inputs used in valuing the derivative warrant liabilities as of March 31, 2025 is as follows:

		Private Warrants				February 2024 BDO Firm Warrants				April 2024 RDO Common Warrants				Deposit Warrant				October 2024 Noteholder Warrants				December 2024 RDO Common Warrants (5yr)				December 2024 RDO Common Warrants (2.5yr)
Exercise price		$	402.50			$	59.50			$	38.50			$	1.20			$	36.40			$	22.72			$	22.72
Term, in years			2.61				3.93				4.07				4.22				4.52				4.70				2.20
Volatility			109.0	%			85.0	%			83.0	%			76.0	%			80.0	%			79.0	%			98.0	%
Risk-free rate			3.85	%			3.88	%			3.89	%			3.89	%			3.90	%			3.91	%			3.85	%
Dividend yield			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%

A summary of the inputs used in valuing the derivative warrant liabilities as of December 31, 2024 is as follows:

		Private Warrants				February 2024 BDO Firm Warrants				April 2024 RDO Common Warrants				Deposit Warrant				October 2024 Noteholder Warrants				December 2024 RDO Common Warrants (5yr)				December 2024 RDO Common Warrants (2.5yr)
Exercise price		$	402.50			$	59.50			$	38.50			$	1.20			$	36.40			$	22.72			$	22.72
Term, in years			2.86				4.18				4.32				4.47				4.77				4.95				2.45
Volatility			109.0	%			81.0	%			80.0	%			73.0	%			77.0	%			76.0	%			95.0	%
Risk-free rate			4.22	%			4.29	%			4.30	%			4.30	%			4.32	%			4.33	%			4.21	%
Dividend yield			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%

		Private Warrants				February 2024 BDO Firm Warrants				April 2024 RDO Common Warrants				Deposit Warrant				October 2024 Noteholder Warrants				December 2024 RDO Common Warrants (5yr)				December 2024 RDO Common Warrants (2.5yr)
		December 31, 2024
Exercise price		$	402.50			$	59.50			$	38.50			$	1.20			$	36.40			$	22.72			$	22.72
Term, in years			2.86				4.18				4.32				4.47				4.77				4.95				2.45
Volatility			109.0	%			81.0	%			80.0	%			73.0	%			77.0	%			76.0	%			95.0	%
Risk-free rate			4.22	%			4.29	%			4.30	%			4.30	%			4.32	%			4.33	%			4.21	%
Dividend yield			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%

		Private Warrants
		December 31, 2023
Exercise price		$	402.50
Term, in years			3.86
Volatility			76.0	%
Risk-free rate			3.90	%
Dividend yield			0.0	%

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References

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-Topic 825
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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of derivative liabilities at fair value.

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