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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:
December 31, 2024
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$16,345$—$—$16,345
Total$16,345$—$—$16,345
Liabilities:
Derivative liability$—$—$—$—
Other non-current liabilities:
Public Warrants1,765——1,765
Private Placement Warrants—13—13
Total$1,765$13$—$1,778
December 31, 2023
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$25,306 $— $— $25,306 
Total$25,306 $— $— $25,306 
Liabilities:
Derivative liability$—$—$—$—
Other non-current liabilities:  
Public Warrants402 — — 402 
Private Placement Warrants— 4 — 4 
Total$402 $4 $— $406 
The Company’s investments in money market funds are measured at amortized cost, which approximates fair value.
The Company’s warrant liability as of December 31, 2024 and 2023 includes public and private placement warrants that were originally issued by 890, but which were assumed by the Company in connection with the closing of the Business Combination (the “Public Warrants” and “Private Placement Warrants,” respectively, or together, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statements of operations and comprehensive loss.
The Public Warrants are publicly traded under the symbol “BZFDW,” and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.18 and $0.04 as of December 31, 2024 and 2023, respectively.
Historically, Level 3 instruments consisted of the Company’s derivative liability related to the Notes. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value, and such changes could result in a significant increase or decrease in fair value. To measure the fair value of the derivative liability, the Company compared the calculated value of the Notes with the indicated value of the host instrument, defined as the straight-debt component of the Notes. The difference between the value of the straight-debt host instrument and the fair value of the Notes resulted in the value of the derivative liability. The value of the straight-debt host
instrument was estimated based on a binomial lattice model, excluding the conversion option and the make-whole payment upon conversion. As of December 31, 2023, the Company determined the fair value of the derivative liability was immaterial as (i) the closing share price of our Class A common stock was $1.00 as of December 29, 2023, and (ii) each holder of a Note will have the right to require the Company to repurchase, for cash, all or a portion of the Notes held by such holder at any time on or after December 3, 2024. The fair value of the embedded derivative continues to be immaterial as of December 31, 2024.
The following table represents the activity of the Level 3 instruments:
Derivative
Liability
Balance as of December 31, 2022$180 
Change in fair value of derivative liability(180)
Balance as of December 31, 2023$— 
Balance as of December 31, 2024$— 
There were no transfers between fair value measurement levels during the year ended December 31, 2024 or 2023.