v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
March 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Money market funds$10,745 $10,745 $— $— 
U.S. treasury bills241,221 241,221 — — 
$251,966 $251,966 $— $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Money market funds$22,787 $22,787 $— $— 
U.S. treasury bills
20,221 20,221 — — 
$43,008 $43,008 $— $— 
Liabilities:
Common stock warrant liabilities$252,178 $126,898 $125,280 $— 
Money market funds and U.S. treasury bills
The money market funds and U.S. treasury bills are classified within Level 1 as these securities are traded on an active public market.
Common stock warrant liabilities
The Warrants were accounted for as a liability in accordance with ASC Topic 815, Derivatives and Hedging (see Note 7). The warrant liability was measured at fair value upon assumption and on a recurring basis, with changes in fair value presented in the condensed consolidated statements of operations and comprehensive income (loss).
The Company used Level 1 inputs for valuing the Public Warrants and Level 2 inputs for valuing the Private Warrants. The Private Warrants are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. See Note 7 for additional information on the Company's Warrants.
The following table presents the changes in the fair value of warrant liability:
Total Warrant Liability
Fair value as of December 31, 2024$252,178 
Change in fair value of warrant liability(9,905)
Exercise and redemption of Warrants(242,273)
Fair value as of March 31, 2025$—