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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		December 31, 2024
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	6,117			$	—			$	—			$	6,117
Commercial paper			—				746				—				746
U.S. Treasury bills			—				749				—				749
Total cash equivalents			6,117				1,495				—				7,612
Short-term investments:
Commercial paper			—				6,573				—				6,573
U.S. Treasury bills			—				3,227				—				3,227
U.S. Government sponsored entities - mortgage backed securities			—				934				—				934
Total short-term investments			—				10,734				—				10,734
Total assets measured at fair value		$	6,117			$	12,229			$	—			$	18,346

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	3,634			$	—			$	—			$	3,634
Commercial paper			—				1,738				—				1,738
Total cash equivalents			3,634				1,738				—				5,372
Short-term investments:
Commercial paper			—				5,213				—				5,213
U.S. Government sponsored entities - mortgage-backed securities			—				495				—				495
Total short-term investments			—				5,708				—				5,708
Total assets measured at fair value		$	3,634			$	7,446			$	—			$	11,080

The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		December 31, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant Liability		$	—			$	—			$	1,700			$	1,700
Total liabilities measured at fair value		$	—			$	—			$	1,700			$	1,700

Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs

The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the year ended December 31, 2024 (in thousands):

Warrant liability
Balance at December 31, 2023		$	—
Initial Fair Value of Warrants			11,190
Forfeiture of warrants			(200	)
Change in Fair Value of Preferred Warrants			(9,290	)
Balance at December 31, 2024		$	1,700

Summary of Company's Financial Assets Measured at Fair Value

The following table presents information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):

		December 31, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	6,117			$	—			$	—			$	6,117
Commercial paper			746				—				—				746
U.S Treasury bills			749				—				—				749
Total cash equivalents			7,612				—				—				7,612
Short-term investments:
Commercial paper			6,571				2				—				6,573
U.S Treasury bills			3,225				2				—				3,227
U.S. Government sponsored entities - mortgage-backed securities			934				—				—				934
Total short-term investments			10,730				4				—				10,734
Total assets measured at fair value		$	18,342			$	4			$	—			$	18,346

		December 31, 2023
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	3,634			$	—			$	—			$	3,634
Commercial paper			1,738				—				—				1,738
Total cash equivalents			5,372				—				—				5,372
Short-term investments:
Commercial paper			5,211				2				—				5,213
U.S Government sponsored entities - mortgage backed securities			495				—				—				495
Total short-term investments			5,706				2				—				5,708
Total assets measured at fair value		$	11,078			$	2			$	—			$	11,080

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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-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 (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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