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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of financial liabilities measured at fair value on a recurring basis | 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 used to determine such values:
|  | March 31, 2025 |
(In thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - November 2022 Peak Warrants |  | $ | 95 |  |  | $ | — |  |  | $ | — |  |  | $ | 95 |
Warrant liability - April 2023 Peak Warrants |  |  | 760 |  |  |  | — |  |  |  | — |  |  |  | 760 |
Warrant liability - September 2022 Series B |  |  | 211 |  |  |  | — |  |  |  | — |  |  |  | 211 |
Total liabilities |  | $ | 1,066 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
|  | December 31, 2024 |
(In thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability - November 2022 Peak Warrants |  | $ | 95 |  |  | $ | — |  |  | $ | — |  |  | $ | 95 |
Warrant liability - April 2023 Peak Warrants |  |  | 736 |  |  |  | — |  |  |  | — |  |  |  | 736 |
Warrant liability - September 2022 Series B |  |  | 181 |  |  |  | — |  |  |  | — |  |  |  | 181 |
Total liabilities |  | $ | 1,012 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,012 |
Schedule of activity in the warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) | The following table summarizes the activity in the warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) during the three months ended March 31, 2025:
|  | Warrant Liability |  |  |  |
(In thousands) |  | September 2022 Series B Warrants |  |  | November 2022 Warrants |  |  | April 2023 Warrants |  |  | Total |
Balance, December 31, 2024 |  | $ | 181 |  |  | $ | 95 |  |  | $ | 736 |  |  | $ | 1,012 |
Change in the fair value of liability |  |  | 30 |  |  |  | — |  |  |  | 24 |  |  |  | 54 |
Balance, March 31, 2025 |  | $ | 211 |  |  | $ | 95 |  |  | $ | 760 |  |  | $ | 1,066 |
The following table summarizes the activity in the warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) during the three months ended March 31, 2024:
|  | Warrant Liability |
(In thousands) |  | September 2022 Series A Warrants |  |  | September 2022 Series B Warrants |  |  | Total |
Balance, December 31, 2023 |  | $ | 15 |  |  | $ | 1,238 |  |  | $ | 1,253 |
Change in the fair value of liability |  |  | (15 | ) |  |  | (634 | ) |  |  | (649 | )
Balance, March 31, 2024 |  | $ | — |  |  | $ | 604 |  |  | $ | 604 |
Schedule of assumptions used for the fair value calculations of the warrants | Below are the assumptions used for the fair value calculations of the liability classified warrants as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | September 2022 Series B Warrants |  |  | November 2022 Warrants |  |  | April 2023 Warrants |  |  | September 2022 Series B Warrants |  |  | November 2022 Warrants |  |  | April 2023 Warrants |
Stock (ADS) price |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 1.24 |  |  | $ | 1.22 |  |  | $ | 1.22 |  |  | $ | 1.22 |
Exercise price |  | $ | 17.00 |  |  | $ | 39.18 |  |  | $ | 2.04 |  |  | $ | 17.00 |  |  | $ | 39.18 |  |  | $ | 2.04 |
Expected term (in years) |  |  | 4.5 |  |  |  | 2.6 |  |  |  | 3.1 |  |  |  | 4.7 |  |  |  | 2.8 |  |  |  | 3.3 |
Expected volatility |  |  | 90.0 | % |  |  | 100.0 | % |  |  | 95.0 | % |  |  | 85.0 | % |  |  | 95.0 | % |  |  | 90.0 | %
Risk-free interest rate |  |  | 3.9 | % |  |  | 3.9 | % |  |  | 3.9 | % |  |  | 4.3 | % |  |  | 4.3 | % |  |  | 4.3 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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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 + Details
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