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Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assets Subject to Measurement at Fair Value on Recurring Basis

During the period ended December 31, 2024, there were no transfers between Level 1 and Level 2, nor into or out of Level 3. The following table presents as of December 31, 2024 the Company’s assets and liabilities subject to measurement at fair value on a recurring basis (in thousands):

 Schedule of Assets Subject to Measurement at Fair Value on Recurring Basis

		Fair Value Measurements as of December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents		$	192			$	-			$	-			$	192
Total Assets		$	192			$	-			$	-			$	192
Liabilities:
Convertible notes payable at fair value		$	-			$	-			$	5,856			$	5,856
Liability Classified Warrants			-				0				138				138
Total Liabilities		$	-			$	-			$	5,994			$	5,994

The following table presents as of December 31, 2023 the Company’s liabilities subject to measurement at fair value on a recurring basis (in thousands):

		Fair Value Measurements as of December 31, 2023
		Level 1				Level 2				Level 3				Total
Liabilities:
Liability Classified Warrants		$	-			$	142			$	-			$	142
Total Liabilities		$	-			$	142			$	-			$	142

Schedule of Additional Information About the Financial Liabilities Subject To Measurement at Fair Value

The following table presents additional information about the Convertible Notes Payable subject to measurement at fair value on a recurring basis and warrant liabilities, for which the Company used significant unobservable inputs (Level 3) (in thousands):

Schedule of Additional Information About the Financial Liabilities Subject To Measurement at Fair Value

		Convertible Notes Payable				Liability Classified Warrants
Balance as of December 31, 2023		$	-			$	-
Fair value at Issuance			7,899				229
Conversion of convertible note			(92	)			-
Change in fair value			(1,951	)			(91	)
Balance as of December 31, 2024		$	5,856			$	138

Schedule of Fair Value of Assumptions

Schedule of Fair Value of Assumptions

		October 31, 2024				November 22, 2024				December 31, 2024
Stock Price		$	9.10			$	10.40			$	6.90
Term (years)			0.8				0.7				0.6
Corporate bond yield			9.1	%			8.7	%			11.4	%
Credit Spread			15.9	%			15.9	%			15.9	%
Probability of default			40	%			40	%			40	%
Recovery upon default			20	%			20	%			20	%
Volatility			103.2	%			96.5	%			123.7	%

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Assumptions

The measurement of the A.G.P. 2024 Warrants is classified as Level 3 due to the use of an option-pricing model that utilizes unobservable inputs and requires significant judgement. The Company estimated the fair value of the warrants issued as the issuance date, October 29, 2024, and as of December 31, 2024, using a Black-Scholes option-pricing model utilizing the following assumptions:

Schedule of Fair Value of Assumptions

		October 29, 2024				December 31, 2024
Closing stock price		$	10.48			$	6.90
Contractual exercise price		$	10			$	10.00
Risk-free rate			4.11	%			4.38	%
Estimated volatility			98.4	%			98.6	%
Time period to expiration (in years)			5.2				5.0

AGP Convertible Note [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Assumptions

The following table outlines the range of significant unobservable inputs used in calculating the fair value of the A.G.P. Convertible Note as of the dates noted below:

Schedule of Fair Value of Assumptions

		November 25, 2024				December 31, 2024
Stock Price		$	9.10			$	6.90
Term (years)			1				0.9
Corporate bond yield			8.8	%			9.0	%
Credit Spread			26.2	%			26.2	%
Probability of Default			40	%			40	%
Recovery upon default			0	%			0	%
Volatility			108.7	%			101.6	%

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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