v3.25.1
Warrants (Tables)
3 Months Ended
Mar. 31, 2025
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Fair Value Method to Allocate Net Proceeds Received from Sale of Common Stock and Pre-funded Warrants The Company used the relative fair value method to allocate the net proceeds received from the sales of the PIPE Shares and the 2023 Pre-Funded Warrants on the consolidated balance sheet as follows (in thousands):

 

 

 

Purchase Price Allocation

 

PIPE Shares

 

$

110,127

 

2023 Pre-Funded Warrants

 

 

39,826

 

Total

 

$

149,953

 

Schedule Of Assumptions Used To Estimate Fair Value Of Warrants The following assumptions were used to estimate the fair value of the warrants at issuance:

Risk-free interest rate

 

 

3.46

%

Expected dividend yield

 

 

Expected term (in years)

 

 

5.2

 

Expected volatility

 

 

81

%

Market value of common stock (per share)

 

$

0.71

 

The Company estimated the fair value of the SSI Warrant liability using the following assumptions as of March 31, 2025:

 

Risk-free interest rate

 

 

3.93

%

Expected dividend yield

 

 

 

Expected term (in years)

 

 

4.0

 

Expected volatility

 

 

88

%

Market value of common stock (per share)

 

$

1.39

 

Schedule of Warrant Liability

The following table summarizes changes in the Company’s warrant liability during the three months ended March 31, 2025 (in thousands):

 

 

 

Warrant Liability

 

Balance at January 1, 2025

 

$

438

 

Change in fair value

 

 

(102

)

Balance at March 31, 2025

 

$

336