v3.25.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy as of March 31, 2025 and December 31, 2024, are summarized as follows:
March 31, 2025
Level 1Level 2Level 3
Total
(In thousands)
Assets
Cash equivalents - money market funds$99,324 $— $— $99,324 
Total assets$99,324 $— $— $99,324 
Liabilities:
Warrants liability
$— $— $8,674 $8,674 
Total liabilities
$— $— $8,674 $8,674 

December 31, 2024
Level 1Level 2Level 3
Total
(In thousands)
Assets:
Cash equivalents - money market funds$105,772 $— $— $105,772 
Total assets$105,772 $— $— $105,772 
Liabilities:
Warrants liability
$— $— $17,498 $17,498 
Total liabilities
$— $— $17,498 $17,498 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Level of
Hierarchy
Fair ValuePrincipal
Balance
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying
Value
(In thousands)
March 31, 2025
2026 Notes2$141,050 $361,204 $— $(2,398)$358,806 
2029 Notes3$181,060 $207,125 $(29,981)$(7,092)$170,052 
December 31, 2024
2026 Notes
2$164,348 $361,204 $— $(2,757)$358,447 
2029 Notes
3$180,360 $207,125 $(31,137)$(7,365)$168,623 
Fair Value Measurement Inputs and Valuation Techniques A summary of the Black-Scholes pricing model assumptions used to record the fair value of the Warrants as of March 31, 2025 is as follows:
Stock price
$0.80
Risk free rate
4.19%
Expected life (in years)
9.18
Expected volatility78.00%
Schedule of Changes in Fair Value of Level 3 Liabilities
March 31,
2025
December 31,
2024
Balance, beginning of year$17,498 $— 
Issuance of Warrants— 5,266 
Change in the fair value of Warrants(8,824)12,232 
Balance, end of period$8,674 $17,498