| Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
Adjusted Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Cash and Cash Equivalent |
|
|
Marketable Securities |
|
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
12,311 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,311 |
|
|
$ |
12,311 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
5,404 |
|
|
|
— |
|
|
|
— |
|
|
|
5,404 |
|
|
|
5,404 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency securities |
|
|
17,618 |
|
|
|
2 |
|
|
|
(3 |
) |
|
|
17,617 |
|
|
|
— |
|
|
|
17,617 |
|
U.S. Treasury securities |
|
|
4,149 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
4,148 |
|
|
|
— |
|
|
|
4,148 |
|
Commercial paper |
|
|
19,741 |
|
|
|
3 |
|
|
|
(4 |
) |
|
|
19,740 |
|
|
|
3,496 |
|
|
|
16,244 |
|
Corporate bonds |
|
|
21,780 |
|
|
|
5 |
|
|
|
(9 |
) |
|
|
21,776 |
|
|
|
— |
|
|
|
21,776 |
|
Subtotal |
|
|
63,288 |
|
|
|
10 |
|
|
|
(17 |
) |
|
|
63,281 |
|
|
|
3,496 |
|
|
|
59,785 |
|
Total assets |
|
$ |
81,003 |
|
|
$ |
10 |
|
|
$ |
(17 |
) |
|
$ |
80,996 |
|
|
$ |
21,211 |
|
|
$ |
59,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,658 |
|
|
|
— |
|
|
|
— |
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,658 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Adjusted Cost |
|
|
Unrealized Gain |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Cash and Cash Equivalent |
|
|
Marketable Securities |
|
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
14,237 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,237 |
|
|
$ |
14,237 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
10,645 |
|
|
|
— |
|
|
|
— |
|
|
|
10,645 |
|
|
|
10,645 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government securities |
|
|
17,492 |
|
|
|
14 |
|
|
|
(2 |
) |
|
|
17,504 |
|
|
|
— |
|
|
|
17,504 |
|
U.S. Treasury securities |
|
|
10,957 |
|
|
|
6 |
|
|
|
— |
|
|
|
10,963 |
|
|
|
2,000 |
|
|
|
8,963 |
|
Commercial paper |
|
|
12,711 |
|
|
|
9 |
|
|
|
(4 |
) |
|
|
12,716 |
|
|
|
1,982 |
|
|
|
10,734 |
|
Corporate bonds |
|
|
45,918 |
|
|
|
31 |
|
|
|
(7 |
) |
|
|
45,942 |
|
|
|
— |
|
|
|
45,942 |
|
Subtotal |
|
|
87,078 |
|
|
|
60 |
|
|
|
(13 |
) |
|
|
87,125 |
|
|
|
3,982 |
|
|
|
83,143 |
|
Total assets |
|
$ |
111,960 |
|
|
$ |
60 |
|
|
$ |
(13 |
) |
|
$ |
112,007 |
|
|
$ |
28,864 |
|
|
$ |
83,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,528 |
|
|
|
— |
|
|
|
— |
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,528 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of Changes in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Fair value, beginning balance |
|
$ |
8,258 |
|
|
$ |
6,772 |
|
Change in the fair value of Series A warrants included in other income (expense), net |
|
|
5,400 |
|
|
|
1,500 |
|
Change in the fair value of private placement warrants included in other income (expense), net |
|
|
— |
|
|
|
(14 |
) |
Fair value, closing balance |
|
$ |
13,658 |
|
|
$ |
8,258 |
|
|
| Schedule of Black-Scholes Option Pricing Model For Private Warrants |
The key inputs into the Black-Scholes option pricing model for the private placement warrants were as follows for the relevant periods:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Expected term (years) |
|
|
1.0 |
|
|
|
1.2 |
|
Expected volatility |
|
|
92.5 |
% |
|
|
90.0 |
% |
Risk-free interest rate |
|
|
3.87 |
% |
|
|
4.21 |
% |
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Exercise Price |
|
$ |
57.50 |
|
|
$ |
57.50 |
|
The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Expected term (years) |
|
|
2.7 |
|
|
|
3.0 |
|
Expected volatility |
|
|
92.5 |
% |
|
|
90.0 |
% |
Risk-free interest rate |
|
|
3.89 |
% |
|
|
4.23 |
% |
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Exercise Price |
|
$ |
5.00 |
|
|
$ |
5.00 |
|
|