v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents, as of June 30, 2025, information about the Company’s warrant liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
January 13, 2025June 30, 2025
LevelAmount
Level
Amount
Warrant Liabilities:
Pre-funded Warrants
2$37,220 2$30,924 
2025 ADS Warrants
355,726343,474
Total Warrant Liabilities
$92,946 $74,398 
The Pre-funded Warrants and 2025 ADS Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”), as both warrants contain contingent exercise provisions that do not meet the requirements of the indexation guidance under ASC 815-40 and could require the Company to pay cash to settle the warrants. The warrants are presented within warrant liabilities in the accompanying condensed consolidated balance sheets. The warrant liabilities were measured at fair value at inception and on a recurring basis, with changes in fair value presented within the condensed consolidated statements of operations and comprehensive loss.
The Pre-funded Warrants are considered to be Level 2 in the fair value hierarchy as the inputs used to determine fair market value are observable against the Company’s stock price. The 2025 ADS Warrant are considered to be Level 3 in the fair value hierarchy as they have been recorded at fair value using the Black-Scholes model, using unobservable assumptions that have been probability-weighted for specified data milestones. As of June 30, 2025, the assumptions are as follows:
January 13, 2025June 30, 2025
Exercise price$5.7960$5.7960
Market price$3.37$2.80
Volatility
 146.1% to 158.7%
 155.7% to 160.1%
Risk-free rate4.6%3.7%
Dividend yield—%—%
Term (in years)
4.0 to 4.4 years
3.6 to 3.9 years
The following table reflects the fair value of the Company’s warrant liabilities for the six months ended June 30, 2025:
Pre-Funded Warrants
ADS Warrants
Fair value as of December 31, 2024
$— $— 
Initial fair value as of January 13, 2025
37,22055,726
Fair value change of warrant liabilities
(6,296)(12,252)
Fair value as of June 30, 2025
$30,924 $43,474 
The fair value change of warrant liabilities at June 30, 2025 was $16.9 million, which included a $1.6 million loss upon issuance of the Pre-funded warrants and a $18.5 million gain in fair value between the initial fair value and the fair value as of the balance sheet date. During the six months ended June 30, 2025, there were no transfers between Level 1, Level 2 and Level 3.