v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):
 
 June 30, 2025
 TotalLevel 1Level 2Level 3
Assets:
Money market funds, included in cash and cash equivalents$— $— $— $— 
Liabilities:
Warrant liability$3,963 $— $— $3,963 
 
 December 31, 2024
 TotalLevel 1Level 2Level 3
Assets:
Money market funds, included in cash and cash equivalents$15,144 $15,144 $— $— 
Schedule of Fair Value Measurements Inputs
The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:
April 25, 2025 (Warrant Certificate Issuance Date)June 30, 2025
Fair value of underlying common stock$6.21 $6.98 
Exercise price
$4.96 - $6.99
$4.96 - $7.85
Risk-free interest rate4.3 %
4.2% - 4.3%
Expected volatility88.8 %
88.1% - 88.3%
Expected term (in years)10.0
9.8 - 10.0
Expected dividend yield— %— %
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):
Warrant Liability
Balance at December 31, 2024
$— 
Fair value of warrant liability3,525 
Change in fair value of warrant liability438 
Balance at June 30, 2025
$3,963