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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy at June 30, 2025 (in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |
Public placement warrant liability | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Related party private placement warrant liability | — |  |  | — |  |  | 245 |  |  | 245 |
Long-term debt, non-current | $ | — |  |  | $ | 13,009 |  |  | $ | — |  |  | $ | 13,009 |
Total liabilities | $ | — |  |  | $ | 13,009 |  |  | $ | 250 |  |  | $ | 13,259 |
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy at December 31, 2024 (in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |
Public placement warrant liability | $ | — |  |  | $ | — |  |  | $ | 267 |  |  | $ | 267 |
Related party private placement warrant liability | — |  |  | — |  |  | 133 |  |  | 133 |
Long-term debt, non-current | — |  |  | 13,186 |  |  | — |  |  | 13,186 |
Total liabilities | $ | — |  |  | $ | 13,186 |  |  | $ | 400 |  |  | $ | 13,586 |
Schedule of Fair Value of the Convertible Notes | The key inputs for the Monte Carlo simulation model to value the Public Placement Warrants at June 30, 2025 and December 31, 2024 were as follows:
| June 30, 2025 |  | December 31, 2024
Stock price | $ | 2.82 |  |  | $ | 9.60 |
Exercise price | $ | 230.00 |  |  | $ | 230.00 |
Redemption Threshold | $ | 360.00 |  |  | $ | 360.00 |
Effective expiration date | August 13, 2029 |  | August 13, 2029
Term (years) | 4.1 |  | 4.6
Volatility | 75 % |  | 80 %
Risk-free rate | 3.67 % |  | 4.27 %
The fair value of the Private Placement Warrants at February 14, 2025 and December 31, 2024 was determined using the Monte Carlo simulation model. The key inputs for the Monte Carlo simulation model to value the Private Placement Warrants at February 14, 2025 and December 31, 2024 were as follows:
| February 14, 2025 |  | December 31, 2024
Stock price | $ | 13.20 |  |  | $ | 9.60 |
Exercise price | $ | 230.00 |  |  | $ | 230.00 |
Redemption Threshold | $ | 360.00 |  |  | $ | 360.00 |
Effective expiration date | August 13, 2029 |  | August 13, 2029
Term (years) | 4.5 |  | 4.6
Volatility | 80 % |  | 80 %
Risk-free rate | 4.22 % |  | 4.27 %
The fair value of the Sponsor Warrants at June 30, 2025 and February 14, 2025 was determined using the Monte Carlo simulation model. The key inputs for the Monte Carlo simulation model to value the Sponsor Warrants at June 30, 2025 and February 14, 2025 were as follows:
| June 30, 2025 |  | February 14, 2025
Stock price | $ | 2.82 |  |  | $ | 13.20 |
Exercise price | $ | 10.00 |  |  | $ | 10.00 |
Effective expiration date | February 14, 2030 |  | February 14, 2030
Term (years) | 4.6 |  | 5.0
Volatility | 79 | % |  | 84 | %
Risk-free rate | 3.7 | % |  | 4.2 | %
The following assumptions were used to calculate the fair value of the Triton Warrants upon issuance as of February 13, 2025 using the Black-Scholes pricing model:
| February 13, 2025
Stock price | $ | 24.60 |
Exercise price | $ | 10.00 |
Effective expiration date | 8/13/2030
Term (years) | 5.5
Volatility | 84 | %
Risk-free rate | 4.4 | %
Schedule of Change in Fair Value of Share-Based Termination Liability | The following table presents a reconciliation of the public placement warrant liability measured at fair value on a recurring basis as of June 30, 2025:
| Public Placement Warrant Liability
Balance at January 1, 2025 | $ | 267 |
Change in estimated fair value | (184) |
Balance at March 31, 2025 | $ | 83 |
Change in estimated fair value | (78) |
Balance at June 30, 2025 | $ | 5 |
The following table presents a reconciliation of the related party private placement warrant liability measured at fair value on a recurring basis as of June 30, 2025:
| Related Party Private Placement Warrant Liability
Balance at January 1, 2025 | $ | 133 |
Change in estimated fair value before modification(1) | 71 |
Change in fair value for exchange of Sponsor Warrants on February 14, 2025(1) | 1,816 |
Change in estimated fair value after modification(1) | (1,276) |
Balance at March 31, 2025 | $ | 744 |
Change in estimated fair value | $ | (499) |
Balance at June 30, 2025 | $ | 245 |
(1) See Note 7 – Warrants for more information on the exchange of warrants with the Sponsor and modification of the related party private placement warrant liability. The following table presents a reconciliation of the convertible notes liability measured at fair value on a recurring basis as of June 30, 2024:
| Convertible Notes
Balance at January 1, 2024 | $ | 15,604 |
Note issuance during the period | 3,457 |
Change in estimated fair value | 1,213 |
Balance at March 31, 2024 | $ | 20,274 |
Note issuance during the period | $ | 10,130 |
Loss on extinguishment | $ | 22,183 |
Change in estimated fair value | $ | 15,874 |
Balance at June 30, 2024 | $ | 68,461 |
The following table presents a reconciliation of the related party convertible notes liability measured at fair value on a recurring basis as of June 30, 2024:
| Related Party Convertible Notes
Balance at January 1, 2024 | $ | 2,133 |
Note issuance during the period | 1,449 |
Change in estimated fair value | 248 |
Balance at March 31, 2024 | $ | 3,830 |
Note issuance during the period | $ | 3,635 |
Loss on extinguishment | $ | 4,176 |
Change in estimated fair value | $ | 5,300 |
Balance at June 30, 2024 | $ | 16,941 |
The following table presents a reconciliation of the share-based termination liability measured at fair value on a recurring basis as of June 30, 2024:
| Share-Based Termination Liability
Balance at January 1, 2024 | $ | 6,349 |
Change in estimated fair value | (186) |
Balance at March 31, 2024 | $ | 6,163 |
Change in estimated fair value | $ | 1,498 |
Balance at June 30, 2024 | $ | 7,661 |
The following table presents a reconciliation of the convertible preferred stock warrant liability measured at fair value on a recurring basis as of June 30, 2024:
| Convertible Preferred Stock Warrants Liability
Balance at January 1, 2024 | $ | 203 |
Change in estimated fair value | (24) |
Balance at March 31, 2024 | $ | 179 |
Change in estimated fair value | $ | (73) |
Balance at June 30, 2024 | $ | 106 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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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- 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
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