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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurements The following table presents information about our financial assets and 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):
|  | June 30, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 22,670 |  |  | $ | 22,670 |  |  | $ | — |  |  | $ | — |
Total assets measured at fair value |  | $ | 22,670 |  |  | $ | 22,670 |  |  | $ | — |  |  | $ | — |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrants |  | $ | 13,249 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,249 |
Total liabilities measured at fair value |  | $ | 13,249 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,249 |
|  | December 31, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 46,134 |  |  | $ | 46,134 |  |  | $ | — |  |  | $ | — |
Total assets measured at fair value |  | $ | 46,134 |  |  | $ | 46,134 |  |  | $ | — |  |  | $ | — |
Money market funds Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value. Common stock warrants On April 24, 2025, in connection with the EIB Loan Facility, the Company issued 5,623,664 Tranche A warrants to purchase shares of the Company’s common stock at an exercise price of $0.89 per share. On June 24, 2025, in connection with the EIB Loan Facility, the Company issued 4,221,868 Tranche B warrants to purchase shares of the Company’s common stock at an exercise price of $1.32 per share. See Note 8, “Term Loan Facility” in this Quarterly Report on Form 10-Q for additional detail on the EIB Loan Facility and warrants issued. The EIB warrants met the criteria for liability classification and are initially recognized on the date of issuance and subsequently measured at each balance sheet date at fair value through “Other income (expense)” on the consolidated statements of operations and comprehensive loss. The fair value of the Tranche A and Tranche B warrants was determined based on the Black-Scholes option-pricing model and classified within Level 3 of the fair value hierarchy on the date of issuance. The expected volatility input used in the model was deemed unobservable (Level 3) and was determined based on share price data of the Company and comparable companies for a term equal to the remaining contractual term of the warrants. Other required inputs used in the model were considered observable (Level 1). Significant increases (decreases) in these inputs could result in a significantly lower or higher fair value measurement. The following table shows the Black-Scholes option-pricing model inputs used to calculate the fair value of the warrants at issuance date.
|  | Tranche A |  |  | Tranche B |
Share price of common stock |  | $ | 0.92 |  |  | $ | 1.39 |
Expected volatility |  |  | 83.0 | % |  |  | 84.0 | %
Risk-free interest rate |  |  | 4.7 | % |  |  | 4.8 | %
Expected term (in years) |  |  | 20.0 |  |  |  | 20.0 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
The following table shows the Black-Scholes option-pricing model inputs used to calculate the fair value of the warrants at June 30, 2025.
|  | Tranche A |  |  | Tranche B |
Share price of common stock |  | $ | 1.39 |  |  | $ | 1.39 |
Expected volatility |  |  | 84.0 | % |  |  | 84.0 | %
Risk-free interest rate |  |  | 4.8 | % |  |  | 4.8 | %
Expected term (in years) |  |  | 19.8 |  |  |  | 20.0 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
The following table shows a reconciliation of the beginning and ending balances for Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2025:
|  | Six Months Ended |  |
|  | June 30, 2025 |  |
Level 3 financial liabilities, beginning of period |  | $ | — |  |
Issuance of EIB common stock warrants |  |  | 10,662 |  |
Change in fair value of EIB common stock warrants |  |  | 2,587 |  |
Level 3 financial liabilities, end of period |  | $ | 13,249 |  |
There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2025 and the year ended December 31, 2024.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -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/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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