v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3—Fair Value Measurements

The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, the Trinity Term Loans, a success fee derivative liability and certain of the Company’s warrant liabilities.

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

 

 

March 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

115,033

 

 

$

115,033

 

 

$

—

 

 

$

—

 

Total assets

$

115,033

 

 

$

115,033

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

42,453

 

 

$

—

 

 

$

—

 

 

$

42,453

 

   Success Fee Derivative liability

 

925

 

 

 

—

 

 

 

—

 

 

 

925

 

   SSI Warrant liability

 

336

 

 

 

—

 

 

 

—

 

 

 

336

 

Total liabilities

$

43,714

 

 

$

—

 

 

$

—

 

 

$

43,714

 

 

 

 

December 31, 2024

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

   Cash equivalents – money market funds

$

138,308

 

 

$

138,308

 

 

$

—

 

 

$

—

 

Total assets

$

138,308

 

 

$

138,308

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

   Trinity Term Loans

$

43,942

 

 

$

—

 

 

$

—

 

 

$

43,942

 

   Success Fee Derivative liability

 

930

 

 

 

—

 

 

 

—

 

 

 

930

 

   SSI Warrant liability

 

438

 

 

 

—

 

 

 

—

 

 

 

438

 

Total liabilities

$

45,310

 

 

$

—

 

 

$

—

 

 

$

45,310

 

 

The Company classifies its money market funds, which are valued based on quoted market prices in an active market with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company’s Trinity Term Loans and Success Fee liability are classified as Level 3 measurements under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. The fair values were determined utilizing a probability-weighted income approach, including variables for the timing of a success event and other probability estimates. See Note 7 for additional information on the Trinity Term Loans and Success Fee.

The Company’s SSI Warrant liability is classified as Level 3 measurements under the fair value hierarchy as the fair values were determined based on significant inputs not observable in the market. The fair values were determined using the Black-Scholes-Merton option pricing model to determine the fair value of the SSI Warrants (as defined below). See Note 10 for additional information on the SSI Warrants.