v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Liabilities Measured on Recurring Basis
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 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions 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
Schedule of Fair Value of Warrant Liabilities
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