v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s liabilities that are measured at fair value on a recurring basis consist of the following (in thousands):

As of June 30, 2025

 

Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable Inputs
(Level 3)

 

Public warrant liabilities

 

$

75

 

 

$

 

 

$

 

Private placement warrant liabilities

 

$

 

 

$

 

 

$

84

 

As of December 31, 2024

 

Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable Inputs
(Level 3)

 

Public warrant liabilities

 

$

128

 

 

$

 

 

$

 

Private placement warrant liabilities

 

$

 

 

$

 

 

$

103

 

Schedule of Changes in Private Placement Warrant Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following summarizes the changes in the Company’s private placement warrant liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the respective periods:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

($ in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning balance

 

$

170

 

 

$

75

 

$

103

 

 

$

166

 

Change in fair value of private placement warrants included in net loss

 

 

(86

)

 

 

3

 

 

 

(19

)

 

 

(88

)

Ending balance

 

$

84

 

 

$

78

 

 

$

84

 

 

$

78