v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about the Company’s assets and liabilities fair value at December 31, 2024 and 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

December 31, 2024
Level 1Level 2Level 3
Assets:
Money market fund$28,843 $— $— 
Total$28,843 $— $— 
Amounts included in:
Cash and cash equivalents$28,843 $— $— 
Total$28,843 $— $— 


December 31, 2024
Level 1Level 2Level 3
Liabilities:
Derivative liabilities at fair value$— $— $12,875 
Warrants liability32,140 9,010 
Total$— $32,140 $21,885 
NOTE 15. FAIR VALUE MEASUREMENTS (cont.)

December 31, 2023
Level 1Level 2Level 3
Assets:
Money market fund$710 $— $— 
Bank deposits— 44,395 — 
Total710 44,395 — 
Amounts included in:
Cash and cash equivalents$710 $— $— 
Short-term investments— 44,395 — 
Total$710 $44,395 $— 

December 31, 2023
Level 1Level 2Level 3
Liabilities:
Derivative liabilities at fair value$— $— $4,126 
Warrants liability3,400 
Total$— $— $7,526 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table provides the inputs used for Level 3 fair value measurements of warrants liability:
December 31, 2024December 31, 2023
Stock price$8.83$5.14
Strike price$4.42-$5.74$4.97-$5.74
Term (in years)1.5-2.51.5-2.5
Volatility97.80%-116.20%57.77%-59.65%
Risk-free rate4.19%-4.30%4.15%-4.34%
Dividend yield0.0%0.0%
The following table provides the inputs used for Level 3 fair value measurements of derivative liability:
December 31, 2024December 31, 2023
Stock price$8.83$5.14
Term (in years)1.5-2.51.5-2.5
Volatility95.00%-96.54%57.77%-59.65%
Risk-free rate4.48%-4.49%4.27%-4.34%
Cost of Debt (Rd)
7.64%7.03%-7.10%
Dividend yield0.0%0.0%
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the changes in the fair value of Level 3 warrants and derivative liabilities for the year ended December 31, 2024 and 2023:

Total Level 3 Financial Liabilities
Balance at December 31, 2023
$7,526 
Change in fair value of derivative liabilities at fair value9,143 
Partial conversion of convertible notes(394)
Change in fair value of warrants liability5,610 
Balance at December 31, 2024
$21,885 


Total Level 3 Financial Liabilities
Balance at December 31, 2022$— 
Issuance of derivative liabilities at fair value (Note 13)4,366 
Change in fair value of derivative liabilities at fair value(240)
Issuance of warrants (Note 13)3,796 
Change in fair value of warrants liability(396)
Balance at December 31, 2023$7,526