XML 31 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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):
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,675 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,675 |
Commercial paper |  |  | — |  |  |  | 1,245 |  |  |  | — |  |  |  | 1,245 |
U.S. Treasury bills |  |  | — |  |  |  | 498 |  |  |  | — |  |  |  | 498 |
Total cash equivalents |  |  | 3,675 |  |  |  | 1,743 |  |  |  | — |  |  |  | 5,418 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | — |  |  |  | 3,386 |  |  |  | — |  |  |  | 3,386 |
U.S. Treasury bills |  |  | — |  |  |  | 3,491 |  |  |  | — |  |  |  | 3,491 |
U.S. Government sponsored entities - mortgage backed securities |  |  | — |  |  |  | 1,737 |  |  |  | — |  |  |  | 1,737 |
Total short-term investments |  |  | — |  |  |  | 8,614 |  |  |  | — |  |  |  | 8,614 |
Total assets measured at fair value |  | $ | 3,675 |  |  | $ | 10,357 |  |  | $ | — |  |  | $ | 14,032 |
|  | 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).
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Promissory Note |  | $ | — |  |  | $ | — |  |  | $ | 8,900 |  |  | $ | 8,900 |
Warrant Liability |  |  | — |  |  |  | — |  |  |  | 2,600 |  |  |  | 2,600 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | — |  |  | $ | 11,500 |  |  | $ | 11,500 |
|  | 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 nine months ended September 30, 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 |
Change in Fair Value of Promissory Note |  |  | (100 | )
Balance at June 30, 2025 |  |  | 8,500 |
Change in Fair Value of Promissory Note |  |  | 400 |
Balance at September 30, 2025 |  | $ | 8,900 |
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 |
Change in Fair Value of Tranche B Warrants |  |  | (200 | )
Change in Fair Value of Lender Warrants |  |  | (200 | )
Balance at June 30, 2025 |  |  | 1,000 |
Change in Fair Value of Tranche B Warrants |  |  | 800 |
Change in Fair Value of Lender Warrants |  |  | 800 |
Balance at September 30, 2025 |  | $ | 2,600 |
Balance at December 31, 2023 |  | $ | 11,190 |
Change in Fair Value of Warrants |  |  | (5,590 | )
Balance at March 31, 2024 |  |  | 5,600 |
Change in Fair Value of Warrants |  |  | (2,300 | )
Balance at June 30, 2024 |  |  | 3,300 |
Forfeiture of warrants |  |  | (200 | )
Change in Fair Value of Warrants |  |  | 300 |
Balance at September 30, 2024 |  | $ | 3,400 |
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):
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,675 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,675 |
Commercial paper |  |  | 1,245 |  |  |  | — |  |  |  | — |  |  |  | 1,245 |
U.S. Treasury bills |  |  | 498 |  |  |  | — |  |  |  | — |  |  |  | 498 |
Total cash equivalents |  |  | 5,418 |  |  |  | — |  |  |  | — |  |  |  | 5,418 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 3,385 |  |  |  | 1 |  |  |  |  |  |  | 3,386 |
U.S. Treasury bills |  |  | 3,491 |  |  |  | — |  |  |  |  |  |  | 3,491 |
U.S. Government sponsored entities - mortgage-backed securities |  |  | 1,737 |  |  |  | — |  |  |  | — |  |  |  | 1,737 |
Total short-term investments |  |  | 8,613 |  |  |  | 1 |  |  |  | — |  |  |  | 8,614 |
Total assets measured at fair value |  | $ | 14,031 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 14,032 |
|  | 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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration