Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Measurements |
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| Summary of the asset type, balance sheet classification, maturity, and fair value of marketable securities and investments |
| | | | | | | | Assets | Balance Sheet Classification | Maturity | June 30, 2025 | | December 31, 2024 | Commercial Paper | Marketable securities | Due in 1 year or less | $ | 44,425 | | $ | 47,046 | Corporate Bonds | Marketable securities | Due in 1 year or less | | 129,393 | | | 28,614 | Government Bonds | Marketable securities | Due in 1 year or less | | 24,794 | | | — | U.S. Treasuries | Marketable securities | Due in 1 year or less | | 6,073 | | | 17,124 | | Total Marketable securities | | $ | 204,685 | | $ | 92,784 | | | | | | | | | | | | | | | | | Corporate Bonds | Investments | Due in 1 year to 5 years | $ | 33,147 | | $ | 173,369 | Government Bonds | Investments | Due in 1 year to 5 years | | 15,729 | | | 35,904 | Equity Method Investment | Investments | | | 1,834 | | | 1,127 | | Total Investments | | $ | 50,710 | | $ | 210,400 |
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| Schedule of financial assets and liabilities measured and recorded at fair value on a recurring basis |
| | | | | | | | | | | | | | | | | June 30, 2025 | | | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | Balance Sheet Classification | | | | | | | | | | | | | Commercial Paper | Marketable securities | | $ | 44,425 | | $ | — | | $ | — | | $ | 44,425 | Corporate Bonds | Marketable securities | | $ | 129,393 | | $ | — | | $ | — | | $ | 129,393 | Government Bonds | Marketable securities | | $ | 24,794 | | $ | — | | $ | — | | $ | 24,794 | U.S. Treasuries | Marketable securities | | $ | 6,073 | | $ | — | | $ | — | | $ | 6,073 | Corporate Bonds | Investments | | $ | 33,147 | | $ | — | | $ | — | | $ | 33,147 | Government Bonds | Investments | | $ | 15,729 | | $ | — | | $ | — | | $ | 15,729 | Bifurcated embedded derivative | Loan receivable from equity method investee | | $ | — | | $ | — | | $ | 584 | | $ | 584 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | Public Warrants | Warrant liabilities | | $ | 4,350 | | $ | — | | $ | — | | $ | 4,350 | Private Placement Warrants | Warrant liabilities | | $ | — | | $ | 1,722 | | $ | — | | $ | 1,722 |
| | | | | | | | | | | | | | | | | December 31, 2024 | | | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | Balance Sheet Classification | | | | | | | | | | | | | Commercial Paper | Marketable securities | | $ | 47,046 | | $ | — | | $ | — | | $ | 47,046 | Corporate Bonds | Marketable securities | | $ | 28,614 | | $ | — | | $ | — | | $ | 28,614 | U.S. Treasuries | Marketable securities | | $ | 17,124 | | $ | — | | $ | — | | $ | 17,124 | Corporate Bonds | Investments | | $ | 173,369 | | $ | — | | $ | — | | $ | 173,369 | Government Bonds | Investments | | $ | 35,904 | | $ | — | | $ | — | | $ | 35,904 | Bifurcated embedded derivative | Loan receivable from equity method investee | | $ | — | | $ | — | | $ | 584 | | $ | 584 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | Public Warrants | Warrant liabilities | | $ | 5,537 | | $ | — | | $ | — | | $ | 5,537 | Private Placement Warrants | Warrant liabilities | | $ | — | | $ | 3,198 | | $ | — | | $ | 3,198 |
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| Schedule of Level 2 inputs used in the recurring valuation of the Private Placement Warrants |
| | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Exercise price | | $ | 11.50 | | $ | 11.50 | | Stock price | | $ | 2.19 | | $ | 1.89 | | Volatility | | | 107.9 | % | | 124.8 | % | Term (in years) | | | 1.44 | | | 1.94 | | Risk-free rate | | | 3.78 | % | | 4.16 | % |
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| Schedule of reconciliation of warrants measured at fair value |
| | | | | | | | | Public Warrants | | Private Placement Warrants | | | Level 1 Fair Value | | Level 2 Fair Value | December 31, 2024 | | $ | 0.42 | | $ | 0.52 | Change in fair value | | $ | (0.25) | | $ | (0.42) | March 31, 2025 | | $ | 0.17 | | $ | 0.10 | Change in fair value | | $ | 0.16 | | $ | 0.18 | June 30, 2025 | | $ | 0.33 | | $ | 0.28 |
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