v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value liabilities measured on a recurring basis

The following table presents the Company’s financial liabilities that are measured at fair value on a recurring basis and the level of inputs used in such measurements (in thousands):

 

 

 

June 30, 2025

 

 

 

Balance

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Oramed Note

 

$

18,451

 

 

$

 

 

$

 

 

$

18,451

 

Tranche B Notes

 

 

21,420

 

 

 

 

 

 

 

 

 

21,420

 

Purchased revenue liability

 

 

7,600

 

 

 

 

 

 

 

 

 

7,600

 

Derivative liabilities

 

 

20,269

 

 

 

 

 

 

 

 

 

20,269

 

Other long-term liabilities

 

 

165

 

 

 

 

 

 

 

 

 

165

 

Total liabilities measured at fair value

 

$

67,905

 

 

$

 

 

$

 

 

$

67,905

 

 

 

 

December 31, 2024

 

 

 

Balance

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Oramed Note

 

$

12,161

 

 

$

 

 

$

 

 

$

12,161

 

Tranche B Notes

 

 

23,560

 

 

 

 

 

 

 

 

 

23,560

 

Purchased revenue liability

 

 

6,800

 

 

 

 

 

 

 

 

 

6,800

 

Derivative liabilities

 

 

18,303

 

 

 

 

 

 

 

 

 

18,303

 

Other long-term liabilities

 

 

155

 

 

 

 

 

 

 

 

 

155

 

Total liabilities measured at fair value

 

$

60,979

 

 

$

 

 

$

 

 

$

60,979

 

Schedule of the derivative liabilities measured at fair value using significant unobservable inputs Level 3

The following table includes a summary of the derivative liabilities measured at fair value during the six months ended June 30, 2025 (in thousands):

 

 

 

Fair Value

 

Ending Balance as of December 31, 2024

 

$

18,303

 

Change in fair value measurement

 

 

1,966

 

Ending Balance as of June 30, 2025

 

$

20,269

 

Schedule of quantitative information regarding Level 3 fair value measurements

A summary of the inputs used in valuing the derivative warrant liabilities as of June 30, 2025 is as follows:

 

 

 

Private Warrants

 

 

February 2024 BDO Firm Warrants

 

 

April 2024 RDO Common Warrants

 

 

Deposit Warrant

 

 

October 2024 Noteholder Warrants

 

 

December 2024 RDO Common Warrants (5yr)

 

 

December 2024 RDO Common Warrants (2.5yr)

 

Exercise price

 

$

402.50

 

 

$

59.50

 

 

$

38.50

 

 

$

1.20

 

 

$

36.40

 

 

$

22.72

 

 

$

22.72

 

Term, in years

 

 

2.36

 

 

 

3.68

 

 

 

3.82

 

 

 

3.97

 

 

 

4.27

 

 

 

4.45

 

 

 

1.95

 

Volatility

 

 

109.0

%

 

 

86.0

%

 

 

85.0

%

 

 

77.0

%

 

 

81.0

%

 

 

80.0

%

 

 

100.0

%

Risk-free rate

 

 

3.67

%

 

 

3.68

%

 

 

3.69

%

 

 

3.70

%

 

 

3.72

%

 

 

3.72

%

 

 

3.70

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

A summary of the inputs used in valuing the derivative warrant liabilities as of December 31, 2024 is as follows:

 

 

 

Private Warrants

 

 

February 2024 BDO Firm Warrants

 

 

April 2024 RDO Common Warrants

 

 

Deposit Warrant

 

 

October 2024 Noteholder Warrants

 

 

December 2024 RDO Common Warrants (5yr)

 

 

December 2024 RDO Common Warrants (2.5yr)

 

Exercise price

 

$

402.50

 

 

$

59.50

 

 

$

38.50

 

 

$

1.20

 

 

$

36.40

 

 

$

22.72

 

 

$

22.72

 

Term, in years

 

 

2.86

 

 

 

4.18

 

 

 

4.32

 

 

 

4.47

 

 

 

4.77

 

 

 

4.95

 

 

 

2.45

 

Volatility

 

 

109.0

%

 

 

81.0

%

 

 

80.0

%

 

 

73.0

%

 

 

77.0

%

 

 

76.0

%

 

 

95.0

%

Risk-free rate

 

 

4.22

%

 

 

4.29

%

 

 

4.30

%

 

 

4.30

%

 

 

4.32

%

 

 

4.33

%

 

 

4.21

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%