v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. The Company did not have any transfers between fair value measurements levels during the six months ended June 30, 2025.
The following table sets forth the Company’s assets and liabilities that were measured at fair value as of June 30, 2025 and December 31, 2024, by level within the fair value hierarchy
Fair Value HierarchyFair value measurements as of
Description June 30, 2025December 31, 2024
Unaudited
Assets:
Cash equivalents:
Money market accounts and fundsLevel 1$— $70,692 
Short-term investments:
Short-term depositsLevel 2$— $3,780 
Derivative instruments asset:
Derivative instruments designated as cash flow hedging instrumentsLevel 2$2,788 $468 
Liabilities:
Warrants liability:
Public WarrantsLevel 1 $(2,530)$(3,303)
Private WarrantsLevel 3$(15)$(65)
Derivative instruments liability:
Derivative instruments designated as cash flow hedging instrumentsLevel 2$(20)$(50)
The Company classifies its money market funds as Level 1 based on quoted market prices in active markets.
The Company classifies its short-term investments and derivative instruments within Level 2 as they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.
The Company measures the fair value for Warrants by using a quoted price for the Public Warrants, which are classified as Level 1, and a Black-Scholes simulation model for the Private Warrants, which are classified as Level 3, due to the use of unobservable inputs.
The key inputs into the Black-Scholes model for the Private Warrants were as follows:

InputJune 30,December 31,
20252024
Unaudited
Risk-free interest rate3.96%—4.41%4.11%—4.12%
Expected term (years)0.25—1.000.75—1.49
Expected volatility42.5%—80.3%39.7%—76.5%
Exercise price$11.50$11.50
Underlying stock price$3.66$3.65
The Company’s use of a Black-Scholes model required the use of subjective assumptions:
•The risk-free interest rate assumption was interpolated based on constant maturity U.S. Treasury rates over a term commensurate with the expected term of the Private Warrants.
•The expected term was based on the maturity of the Private Warrants of five years following June 29, 2021, the Business Combination date, and for certain Private Warrants the maturity was determined to be five years from the date of the October 1, 2020, ION initial public offering effective date.
•The expected volatility is based on the Company’s share price volatility.
The following table presents the changes in the fair value of Warrants liability:
PrivatePublicTotal
InputWarrantsWarrantsWarrants
Fair value as of December 31, 2024$65 $3,303 $3,368 
Change from private to public holdings(1)1 — 
Change in fair value(49)(774)(823)
Fair value as of June 30, 2025 (unaudited)$15 $2,530 $2,545