v3.25.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy

   Fair Value Measurements as of March 31, 2025 
Description  Level 1   Level 2   Level 3   Total 
Derivative liability                    
Common stock warrants  $-   $-   $121   $121 

 

   Fair Value Measurements as of December 31, 2024 
Description  Level 1   Level 2   Level 3   Total 
Derivative liability                    
Common stock warrants  $-   $-   $208   $208 
Schedule of Fair Value Measurement Hierarchy of Derivative Liability

The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended March 31, 2025, and 2024. The following table presents a reconciliation of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025, and 2024 (in thousands):

 

   Common Stock
Warrants
 
Balance as of December 31, 2023  $(304)
Issuance of derivatives   (3,366)
Exercise of warrants   - 
Change in fair value   2,838 
Other   (13)
Balance as of March 31, 2024  $(845)
      
Balance as of December 31, 2024  $(208)
Change in fair value   87 
Balance as of March 31, 2025  $(121)
Schedule of Assumptions Used in Estimating Fair Value

The assumptions used in estimating the common stock warrant liability using the Monte Carlo simulation valuation model as of March 31, 2025, and December 31, 2024 were as follows:

 

    March 31, 2025     December 31, 2024  
Weighted-average risk-free interest rate   3.85-3.99 %     4.12-4.35% 
Weighted-average expected life (in years)   0.34-3.84     0.10-4.09  
Expected dividend yield   -%   -%
Weighted-average expected volatility   140.00-200.00 %     140.00-210.00 %