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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assumptions to Estimate Fair Value of Warrants

The Company utilized the following assumptions to estimate the fair value of the Class A Warrants:

 Schedule of Assumptions to Estimate Fair Value of Warrants

		June 30,
		2024
Underlying price per share		$	35.00
Exercise price per share		$	36.30
Risk-free interest rate			4.42	%
Expected holding period			5.5 years
Expected volatility			110	%
Expected dividend yield			—
Warrants measurement input			—

The Company utilized the following assumptions to estimate the fair value of the Class B Warrants:

		June 30,
		2024
Underlying price per share		$	35.00
Exercise price per share		$	36.30
Risk-free interest rate			4.82	%
Expected holding period			2 years
Expected volatility			89	%
Expected dividend yield			—
Warrants measurement input			—

The Company utilized the following assumptions to estimate the fair value of the Class C Warrants:

		October1,
		2024
Underlying price per share		$	26.00
Exercise price per share		$	28.00
Risk-free interest rate			3.6	%
Expected holding period			2 years
Expected volatility			82	%
Expected dividend yield			—
Warrants measurement input			—

The Company utilized the following assumptions to estimate the fair value of the Class D Warrants:

		October 1,
		2024
Underlying price per share		$	26.00
Exercise price per share		$	28.00
Risk-free interest rate			3.5	%
Expected holding period			5.5 years
Expected volatility			91	%
Expected dividend yield			—
Warrant measurement input			—

The Company utilized the following assumptions to estimate the fair value of the Class E Warrants:

		July 30,				September 30,
		2025				2025
Underlying price per share		$	3.05			$	2.74
Exercise price per share		$	4.00			$	4.00
Risk-free interest rate			4.0	%			3.7	%
Expected holding period			5 years				4.83 years
Expected volatility			101	%			108	%
Expected dividend yield			—				—
Warrant measurement input			—				—

The Company utilized the following assumptions to estimate the fair value of the Class F Warrants:

		July 30,				September 30,
		2025				2025
Underlying price per share		$	3.05			$	2.74
Exercise price per share		$	4.00			$	4.00
Risk-free interest rate			4.0	%			3.7	%
Expected holding period			1.51 years				1.34 years
Expected volatility			142	%			162	%
Expected dividend yield			—				—
Warrant measurement input			—				—

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as (in thousands):

 Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

		As of September 30, 2025
		Total				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	1,764			$	1,764			$	—			$	—
Marketable securities		$	62			$	62			$	—			$	—
Liabilities:
Warrants		$	7,302			$	—			$	—			$	7,302

		As of December 31, 2024
		Total				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	51			$	51			$	—			$	—
Marketable securities		$	2,276			$	2,276			$	—			$	—

X

- 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

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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

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