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

The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measured as of June 30, 2025 
   Level 1   Level 2   Level 3   Total 
   (In thousands) 
Assets                
Money market funds (i)  $379   $   $   $379 
Total financial assets  $379   $   $   $379 
Liabilities                    
Common stock warrant liabilities (Placement Agent Warrants) (ii) 

$

  

$

  

$

3  

$

3 
Common stock warrant liabilities (BEPO Warrants) (ii)           6    6 
Common stock warrant liabilities (BEPO Agent Warrants) (ii)           4    4 
Contingent earnout liabilities           11    11 
Total financial liabilities  $   $   $24   $24 

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measured as of December 31, 2024 
   Level 1   Level 2   Level 3   Total 
   (In thousands) 
Assets                
Money market funds (i)  $215   $   $   $215 
Total financial assets  $215   $   $   $215 
Liabilities                    
Common stock warrant liabilities (2022 Private Warrant) (ii)  $   $   $1   $1 
Common stock warrant liabilities (RDO Warrants) (ii)           90    90 
Common stock warrant liabilities (Placement Agent Warrants) (ii)           16    16 
Common stock warrant liabilities (2024 Private Warrants) (ii)           378    378 
Common stock warrant liabilities (BEPO Warrants) (ii)           18    18 
Common stock warrant liabilities (BEPO Agent Warrants) (ii)           2    2 
Common stock warrant liabilities (July 2024 Private Warrants) (ii)           865    865 
Common stock warrant liabilities (August Inducement Warrants) (ii)           796    796 
Contingent earnout liabilities           11    11 
Total financial liabilities  $   $   $2,177   $2,177 

 

  (i) Included in cash and cash equivalents on the unaudited condensed consolidated balance sheets.
  (ii) Included in warrant liabilities on the unaudited condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:

 

   Private
placement
warrant
liabilities
   2022
Private
Warrant
   Contingent
earnout
liabilities
   RDO
Warrants
   Placement
Agent
Warrants
   2024 Private Warrants   BEPO Warrants   BEPO Agent Warrants   July 2024 Private Warrants   August Inducement Warrants 
   (In thousands) 
Fair value as of January 1, 2025  $              $1   $11   $90   $16   $2   $378   $18   $865   $796 
Change in fair value       (1)       55    (13)   (1)   176    (14)   441    402 
Change due to exchange                 (145)       (1)   (548)        (1,306)   (1,198)
Fair value as of March 31, 2025  $   $   $11   $   $3   $   $6   $4   $   $ 
Issuance of instruments                                        
Change in fair value                                        
Fair value as of June 30, 2025  $   $   $11   $   $3   $   $6   $4   $   $ 

 

   Private
placement
warrant
liabilities
   2022
Private
Warrant
   Contingent
earnout
liabilities
   RDO
Warrants
   Placement
Agent
Warrants
   2024 Private Warrants   BEPO Warrants   BEPO Agent Warrants   July 2024 Private Warrants   August Inducement Warrants 
   (In thousands) 
Fair value as of January 1, 2024  $127   $23   $1,456   $10,891   $536   $   $   $   $   $ 
Change in fair value   114    5    437    2,162    108                     
Fair value as of March 31, 2024  $241   $28   $1,893   $13,053   $644   $   $   $   $   $ 
Issuance of instruments                       6,321    9,020    446         
Change in fair value   (217)   (23)   (1,824)   (11,016)   (544)   (5,948)   (6,784)   (336)        
Fair value as of June 30, 2024  $24   $5   $69   $2,037   $100   $373   $2,236   $110   $   $