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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		March 31, 2025
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	9,476			$	—			$	—			$	9,476
Commercial paper			—				1,991				—				1,991
Corporate debt securities			—				649				—				649
U.S. Treasury bills			—				248				—				248
Total cash equivalents			9,476				2,888				—				12,364
Short-term investments:
Commercial paper			—				8,652				—				8,652
U.S. Treasury bills			—				1,982				—				1,982
U.S. Government sponsored entities - mortgage backed securities			—				1,435				—				1,435
Total short-term investments			—				12,069				—				12,069
Total assets measured at fair value		$	9,476			$	14,957			$	—			$	24,433

		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

The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands).

		March 31, 2025
		Level 1				Level 2				Level 3				Total
Liabilities:
Promissory Note		$	—			$	—			$	8,600			$	8,600
Warrant Liability			—				—				1,400				1,400
Total liabilities measured at fair value		$	—			$	—			$	10,000			$	10,000

		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 three months ended March 31, 2025 and 2024 (in thousands):

Promissory Note liability
Balance at December 31, 2024		$	—
Issuance of Promissory Note			8,923
Change in Fair Value of Promissory Note			(323	)
Balance at March 31, 2025		$	8,600
Warrant liability
Balance at December 31, 2024		$	1,700
Issuance of Lender Warrants		$	1,077
Change in Fair Value of Tranche B Warrants		$	(1,200	)
Change in Fair Value of Lender Warrants			(177	)
Balance at March 31, 2025		$	1,400
Balance at December 31, 2023		$	11,190
Change in Fair Value of Warrants			(5,590	)
Balance at March 31, 2024		$	5,600

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):

		March 31, 2025
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	9,476			$	—			$	—			$	9,476
Commercial paper			1,991				—				—				1,991
Corporate debt securities			649				—				—				649
U.S Treasury bills			248				—				—				248
Total cash equivalents			12,364				—				—				12,364
Short-term investments:
Commercial paper			8,653				—				(1	)			8,652
U.S Treasury bills			1,982				—				—				1,982
U.S. Government sponsored entities - mortgage-backed securities			1,435				—				—				1,435
Total short-term investments			12,070				—				(1	)			12,069
Total assets measured at fair value		$	24,434			$	—			$	(1	)		$	24,433

		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

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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