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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, there were no transfers between Level 1 and Level 2, nor into or out of Level 3. The following table presents as of March 31, 2025 the Company’s 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 March 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents		$	4			$	-			$	-			$	4
Total Assets		$	4			$	-			$	-			$	4
Liabilities:
Convertible note payable, at fair value		$	-			$	-			$	2,663			$	2,663
Liability Classified Warrants			-				-				8				8
Total Liabilities		$	-			$	-			$	2,671			$	2,671

The following table presents as of December 31, 2024 the Company’s liabilities subject to measurement at fair value on a recurring basis (in thousands):

		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			-				-				138				138
Total Liabilities		$	-			$	-			$	5,994			$	5,994

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, 2024		$	5,856			$	138
Repayment of convertible note			(1,054	)			-
Change in fair value			(2,139	)			(131	)
Balance as of March 31, 2025		$	2,663			$	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 A.G.P. 2024 Warrants as of March 31, 2025 and December 31, 2024, utilizing a Black-Scholes option-pricing model with the following assumptions:

 Schedule of Fair Value of Assumptions

		March 31, 2025				December 31, 2024
Closing stock price		$	0.78			$	6.90
Contractual exercise price		$	10.48			$	10.48
Risk-free rate			4.78	%			4.38	%
Estimated volatility			97.0	%			98.6	%
Time period to expiration (in years)			4.78				5.0

A.G.P. 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 March 31, 2025, and December 31, 2024:

 Schedule of Fair Value of Assumptions

		March 31, 2025				December 31, 2024
Stock Price		$	0.78			$	6.90
Term (years)			0.65				0.9
Corporate bond yield			11.1	%			9.0	%
Credit Spread			26.2	%			26.2	%
Probability of Default			40	%			40	%
Recovery upon default			0	%			0	%
Volatility			167.0	%			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 input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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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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