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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Fair Value Measurement of Assets and Liabilities | The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of September 30, 2025 (in thousands):
| As of September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current assets: |  |  |  |  |  |  |
Money market funds | $ | 7,770 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,770 |
Total assets | $ | 7,770 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,770 |
Liabilities: |  |  |  |  |  |  |
Redeemable convertible preferred stock warrants | $ | - |  |  | $ | - |  |  | $ | 406 |  |  | $ | 406 |
Common stock warrants | - |  |  | - |  |  | 3,942 |  |  | 3,942 |
Term loan | - |  |  | - |  |  | 54,986 |  |  | 54,986 |
Total liabilities | $ | - |  |  | $ | - |  |  | $ | 59,334 |  |  | $ | 59,334 |
The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2024 (in thousands):
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current assets: |  |  |  |  |  |  |
Money market funds | $ | 7,538 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,538 |
Total assets | $ | 7,538 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,538 |
Liabilities: |  |  |  |  |  |  |
Redeemable convertible preferred stock warrants | $ | - |  |  | $ | - |  |  | $ | 230 |  |  | $ | 230 |
Common stock warrants | - |  |  | - |  |  | 2,533 |  |  | 2,533 |
Term loan | - |  |  | - |  |  | 51,481 |  |  | 51,481 |
Total liabilities | $ | - |  |  | $ | - |  |  | $ | 54,244 |  |  | $ | 54,244 |
Summary of Significant Assumptions Used in Preparing the Option Pricing Model | The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:
| September 30, 2025 |  | December 31, 2024
Stock price | $ | 40.77 |  |  | $ | 20.32 |
Exercise price | $2.80 – $10.92 |  | $2.80 – $10.92
Volatility | 76.1 | % |  | 84.0 | %
Expected term (years) | 1.50 |  | 2.30
Risk-free rate | 3.50 | % |  | 4.14 | %
Dividend yield | - | % |  | - | %
The significant assumptions used in preparing the option pricing model for valuing the redeemable convertible preferred stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:
| September 30, 2025 |  | December 31, 2024
Stock price | $ | 42.08 |  |  | $ | 25.83 |
Exercise price | $ | 2.59 |  |  | $ | 2.59 |
Volatility | 76.1 | % |  | 84.0 | %
Expected term (years) | 1.50 |  | 2.30
Risk-free rate | 3.50 | % |  | 4.14 | %
Dividend yield | - | % |  | - | %
The significant assumptions used in preparing discounted cash flow for valuing the convertible notes as of right before the conversion date of May 15, 2024, are as follows:
| May 15, 2024
Principal outstanding (in $’000s) | 30,000 |
Expected term (years) | - |
Risk-free rate | 5.46 | %
Interest rate | 8.00 | %
The significant assumptions used in preparing the income approach model for valuing the new term loan as of September 30, 2025 and December 31, 2024, are as follows:
| September 30, 2025 |  | December 31, 2024
Discount rate | 8.02 | % |  | 9.37 | %
Annual interest rate | 8.00 | % |  | 8.00 | %
Expected term (years) – Scenario 1 | 4.50 |  | 5.32
Expected term (years) – Scenario 2 | 5.85 |  | 6.69
Summary of Changes in the Fair Value of Level 3 Financial Instruments | The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
| Common Stock Warrants |  | Redeemable Convertible Preferred Stock Warrants |  | Term Loan
Balance at December 31, 2024 | $ | 2,533 |  |  | $ | 230 |  |  | $ | 51,481 |
Adjustments to fair value | (58) |  |  | 2 |  |  | 1,797 |
Balance at March 31, 2025 | 2,475 |  |  | 232 |  |  | 53,278 |
Adjustments to fair value | (5) |  |  | 19 |  |  | (1,206) |
Balance at June 30, 2025 | 2,470 |  |  | 251 |  |  | 52,072 |
Adjustments to fair value | 1,472 |  |  | 155 |  |  | 2,914 |
Balance at September 30, 2025 | $ | 3,942 |  |  | $ | 406 |  |  | $ | 54,986 |
| Common Stock Warrants |  | Redeemable Convertible Preferred Stock Warrants |  | Convertible Notes |  | Term Loan
Balance at December 31, 2023 | $ | 1,653 |  |  | $ | 146 |  |  | $ | 47,686 |  |  | $ | — |
Adjustments to fair value | 167 |  |  | 16 |  |  | 337 |  |  | — |
Balance at March 31, 2024 | 1,820 |  |  | 162 |  |  | 48,023 |  |  | — |
Adjustments to fair value | 190 |  |  | 17 |  |  | 498 |  |  | — |
Gain on extinguishment | — |  |  | — |  |  | (8,635) |  |  | — |
Settlements | — |  |  | — |  |  | (39,886) |  |  | — |
Balance at June 30, 2024 | 2,010 |  |  | 179 |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | — |  |  | 50,000 |
Adjustments to fair value | 143 |  |  | 16 |  |  | — |  |  | 1,650 |
Balance at September 30, 2024 | $ | 2,153 |  |  | $ | 195 |  |  | $ | — |  |  | $ | 51,650 |

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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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