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Fair Value Measurements (Tables)

3 Months Ended

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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The tabular disclosure for fair value assumption of warrants.

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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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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