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Debt and Equity Financings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule of Interest Expense

 

   2024   2023 
   Year ended December 31, 
   2024   2023 
Interest  $1,399   $291 
Debt issuance costs   1,372    303 
Total interest expense  $2,771   $594 
Schedule of Based on Relative Fair Value Allocation of Proceeds and Costs

The Company determined that there were no embedded derivatives within the Convertible Notes that required bifurcation from the host agreement. The Company allocated the gross proceeds received, the fees incurred, and as applicable, the impact of repricing the warrants discussed above, over the July 2023 Convertible Notes and July 2023 Warrants and over the December 2023 Convertible Notes and December 2023 Warrants, as applicable, based on their relative fair values as follows (in thousands):

 

           Allocation of Proceeds and Costs:   Allocation of 
   Relative
Fair Value		   Allocation
Percentage		   Proceeds   Costs   Proceeds,
Net		 
July 2023 Convertible Notes  $8,715    39.94%  $3,481   $(80) (766) $3,401 
July 2023 Warrants   13,103    60.06%   5,234    (121)   5,113 
   $21,818    100.00%  $8,715   $(201)  $8,514 

 

           Allocation of Proceeds and Costs:   Allocation of 
December 2023 Closing  Relative
Fair Value		   Allocation
Percentage		   Proceeds   Costs   Warrant
Repricing		   Proceeds,
Net		 
December 2023 Convertible Notes  $9,059    48.83%  $3,803   $(81)  $(766)  $2,956 
December 2023 Warrants   9,495    51.17%   3,985    (85)   (802)   3,098 
   $18,554    100.00%  $7,788   $(166)  $(1,568)  $6,054 

 

           Allocation of Proceeds and Costs:   Allocation of 
January 2024 Closing  Relative
Fair Value		   Allocation
Percentage		   Proceeds   Costs   Proceeds,
Net		 
December 2023 Convertible Notes  $1,750    46.24%  $650   $(31)  $619 
December 2023 Warrants   2,035    53.76%   755    (35)   720 
   $3,785    100.00%  $1,405   $(66)  $1,339 
Schedule of Fair Value Assumptions

The Company estimated the fair values of the Convertible Notes as of July 14, 2023, December 15, 2023 and January 11, 2024 based off a valuation performed by a third-party specialist using a binomial tree model and the following assumptions:

 

   Date  Stock
Price		   Credit
Spread		   Volatility   Risk-Free
Rate		 
July 2023 Convertible Notes  7/14/2023  $2.81    2,500    108%   4.60%
December 2023 Convertible Notes  12/15/2023  $1.51    2,000    109%   3.90%
December 2023 Convertible Notes  1/11/2024  $1.75    2,000    109%   3.90%

 

 

The fair value of the Note Warrants, all of which qualified for equity classification, was determined using the Black-Scholes pricing model as of each of July 14, 2023, December 15, 2023 and January 11, 2024 using the following assumptions:

 

   Date  Stock
Price		   Exercise
Price		   Expected
Life		  Volatility   Dividend   Risk-Free
Rate		 
July 2023 warrants  7/14/2023  $2.81   $2.61   5 years   98%   0.00%   4.04%
December 2023 warrants  12/15/2023  $1.51   $1.43   5 years   101%   0.00%   3.91%
December 2023 warrants  1/11/2024  $1.75   $1.43   5 years   102%   0.00%   3.90%
Bridge Debt [Member]  
Debt Instrument [Line Items]  
Schedule of Interest Expense

 

   Year ended
December 31,		 
   2024 
Interest  $45 
Debt issuance costs   3,887 
Total interest expense  $3,932