v3.25.2
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements as of June 30, 2025 Using:
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents—money market funds$15,610 $— $— $15,610 
Marketable securities— U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes— 23,731 — 23,731 
$15,610 $23,731 $— $39,341 
Liabilities: 
Embedded derivative liability$— $— $10 $10 
Class C warrant liability — — 283 283 
$— $— $293 $293 
Fair Value Measurements as of December 31, 2024 Using:
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents—money market funds$40,983 $— $— $40,983 
Marketable securities—U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes— 46,361 — 46,361 
$40,983 $46,361 $— $87,344 
Liabilities:
Embedded derivative liability$— $— $10 $10 
Class C warrant liability— — 13,755 13,755 
$— $— $13,765 $13,765 
Debt Securities, Available-for-Sale
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of June 30, 2025:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$5,445 $— $3 $5,442 
Federal Government Agency securities18,305 — 16 18,289 
Total available-for-sale debt securities$23,750 $— $19 $23,731 
The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of December 31, 2024:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$18,928 $5 $3 $18,930 
Federal Government Agency securities27,436 9 14 27,431 
Total available-for-sale debt securities$46,364 $14 $17 $46,361 
Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability
The following table provides a roll-forward for the six months ended June 30, 2025, of the aggregate fair values financial instruments for which fair values are determined using Level 3 inputs:
(in thousands)Embedded Derivative LiabilityClass C Warrant LiabilityTotal
Balance as of December 31, 2024$10 $13,755 $13,765 
Change in fair value— (13,472)(13,472)
Balance as of June 30, 2025
$10 $283 $293 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
June 30, 2025
December 31, 2024
Common stock price$1.90$21.90
Risk-free interest rate3.7 %4.2 %
Expected term (in years)2.42.9
Expected volatility122.2 %117.5 %
Expected dividend yield— %— %