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Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement

NOTE 3: Fair Value Measurement

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The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are three levels of inputs that may be used to measure fair value:

●Level 1 – Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

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●Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

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●Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

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In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities that are measured at fair value on a recurring basis consist of the convertible preferred stock warrant liabilities.

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The following tables summarize, for each category of assets or liabilities carried at fair value, the respective fair value as of September 30, 2025 and December 31, 2024, and the classification by level of input within the fair value hierarchy (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

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Total

    

Level 1

    

Level 2

    

Level 3

September 30, 2025

 

​

  

 

​

  

 

​

  

 

​

  

Assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

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$

20,344

​

$

20,344

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Total

    

Level 1

    

Level 2

    

Level 3

December 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents and restricted cash:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

​

$

10,638

​

$

10,638

​

$

—

​

$

—

 

 

During the nine-month periods ended September 30, 2025 and 2024, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and the valuation techniques used did not change compared to the Company’s established practice.

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As of September 30, 2025 and December 31, 2024, there were no liabilities measured and recognized at fair value on a recurring basis.

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The following table sets forth a summary of the changes in the fair value of Company’s Level 3 warrant and derivative liabilities during the nine-month period ended 2024, which were measured at fair value on a recurring basis (in thousands):

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​

​

​

​

​

​

September 30, 

​

​

2024

Beginning Balance

    

$

6,247

Warrants cancelled

​

 

(3,000)

Revaluation of Series m-3 and S Preferred Stock warrants

​

​

(1,214)

Reclassification of Series m-3 and S Preferred Stock warrants

​

​

(4,762)

Revaluation of common stock warrants

​

​

2,729

Ending Balance

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$

—