v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis and Indicates the Fair Value Hierarchy

The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value:

 

   June 30, 2025 
   Quoted
Prices
             
   in Active
Markets
for
Identical
Items
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
     
   (Level 1)   (Level 2)   (Level 3)   Total 
Assets:                
Money market funds  $641   $
   $
   $641 
U.S. treasury securities   
    20,053    
 
    20,053 
Total assets  $641   $20,053   $
   $20,694 
                     
Liabilities:                    
Warrant liabilities - public warrants  $502   $
   $
   $502 
Warrant liabilities - private warrants   
    
    338    338 
Total liabilities  $502   $
   $338   $840 

 

   December 31, 2024 
   Quoted
Prices
             
   in Active
Markets
for
Identical
Items
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
     
   (Level 1)   (Level 2)   (Level 3)   Total 
Assets:                
Money market funds  $709   $
   $
   $709 
U.S. treasury securities   
    39,360    
 
    39,360 
Total assets  $709   $39,360   $
   $40,069 
                     
Liabilities:                    
Warrant liabilities - public warrants  $423   $
   $
   $423 
Warrant liabilities - private warrants   
    
    364    364 
Total liabilities  $423   $
   $364   $787 
Schedule of Fair Value of the Company’s Level 3 Liabilities

The following table provides quantitative information regarding the inputs used in determining the fair value of the Company’s Level 3 liabilities:

 

Private Placement Warrants  As of
June 30,
2025
   As of
December 31,
2024
 
Volatility   190.0%   130.0%
Stock price  $7.50   $13.16 
Expected life of warrants   1.2 years    1.7 years 
Risk-free rate   3.9%   4.2%
Dividend yield   0.00%   0.00%
Schedule of Change in Number and Value of the Warrants

The following table shows the change in number and value of the warrants since December 31, 2024:

 

   Public   Private   Total 
   Shares   Value   Shares   Value   Shares   Value 
December 31, 2024   17,248,601   $423    10,400,000   $364    27,648,601   $787 
Change in value   
   $119    
   $(26)   
   $93 
March 31, 2025   17,248,601   $542    10,400,000   $338    27,648,601   $880 
Change in value   
   $(40)   
   $
    
   $(40)
June 30, 2025   17,248,601   $502    10,400,000   $338    27,648,601   $840