v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Money Market Funds and Available-for-Sale Securities

 

 

June 30,
2025

 

 

 

Amortized
Cost

 

 

Unrealized
Gain

 

 

Unrealized
Loss

 

 

Estimated
Fair
Value

 

Money market funds

 

$

552

 

 

$

—

 

 

$

—

 

 

$

552

 

Certificates of deposit

 

 

150

 

 

 

—

 

 

 

—

 

 

 

150

 

Commercial paper

 

 

4,736

 

 

 

—

 

 

 

(1

)

 

 

4,735

 

 

 

$

5,438

 

 

$

—

 

 

$

(1

)

 

$

5,437

 

Reported as:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,288

 

 

$

—

 

 

$

(1

)

 

$

5,287

 

Short-term investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Long-term restricted investments

 

 

150

 

 

 

—

 

 

 

—

 

 

 

150

 

 

 

$

5,438

 

 

$

—

 

 

$

(1

)

 

$

5,437

 

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Unrealized
Gain

 

 

Unrealized
Loss

 

 

Estimated
Fair
Value

 

Money market funds

 

$

688

 

 

$

—

 

 

$

—

 

 

$

688

 

Certificates of deposit

 

 

150

 

 

 

—

 

 

 

—

 

 

 

150

 

Commercial paper

 

 

8,914

 

 

 

—

 

 

 

(1

)

 

 

8,913

 

 

$

9,752

 

 

$

—

 

 

$

(1

)

 

$

9,751

 

Reported as:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,810

 

 

$

—

 

 

$

(1

)

 

$

8,809

 

Short-term investments

 

 

792

 

 

 

—

 

 

 

—

 

 

 

792

 

Long-term restricted investments

 

 

150

 

 

 

—

 

 

 

—

 

 

 

150

 

 

$

9,752

 

 

$

—

 

 

$

(1

)

 

$

9,751

 
Summary of Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity

The following is a summary of the cost and estimated fair value of available-for-sale securities at June 30, 2025, by contractual maturity (in thousands):

 

 

 

June 30,
2025

 

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

Mature in one year or less

 

$

4,736

 

 

$

4,735

 

Mature after one year through five years

 

 

150

 

 

 

150

 

 

$

4,886

 

 

$

4,885

 
Summary of Activity of the Company's Level 3 Warrant Liabilities

The following table summarizes the activity of the Company’s Level 3 warrant liabilities during the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fair value at beginning of period - February 2023 issuance (Common warrants)

 

$

438

 

 

$

672

 

 

$

414

 

 

$

312

 

Change in fair value during the period

 

 

(42

)

 

 

42

 

 

 

(18

)

 

 

402

 

Fair value at end of period - February 2023 issuance (Common warrants)

 

$

396

 

 

$

714

 

 

$

396

 

 

$

714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at beginning of period - July 2023 issuance (Common warrants)

 

$

1,230

 

 

$

2,270

 

 

$

1,134

 

 

$

912

 

Change in fair value during the period

 

 

(404

)

 

 

36

 

 

 

(308

)

 

 

1,394

 

Fair value at end of period - July 2023 issuance

 

$

826

 

 

$

2,306

 

 

$

826

 

 

$

2,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fair value at end of period

 

$

1,222

 

 

$

3,020

 

 

$

1,222

 

 

$

3,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Calculation of Estimated Fair Value of Warrants Using Models with Key Assumptions

 

 

February 8, 2023 (issuance)

 

 

December 31, 2024

 

 

June 30, 2025

 

Common stock price

 

$

5.81

 

 

$

0.75

 

 

$

0.64

 

Exercise price per share

 

$

5.00

 

 

$

0.51

 

 

$

0.51

 

Expected volatility

 

 

87

%

 

 

132

%

 

 

134

%

Risk-free interest rate

 

 

3.8

%

 

 

4.3

%

 

 

3.7

%

Contractual term (in years)

 

 

5.0

 

 

 

3.0

 

 

 

2.5

 

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%
The Company calculated the estimated fair value of the common warrants using a Black-Scholes option pricing model with the following key assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

July 21, 2023 (issuance)

 

 

December 31, 2024

 

 

June 30, 2025

 

Common stock price

 

$

3.05

 

 

$

0.75

 

 

$

0.64

 

Exercise price per share

 

$

4.89

 

 

$

4.89

 

 

$

4.89

 

Expected volatility

 

 

89

%

 

 

124

%

 

 

128

%

Risk-free interest rate

 

 

4.2

%

 

 

4.3

%

 

 

3.7

%

Contractual term (in years)

 

 

5.0

 

 

 

3.5

 

 

 

3.0

 

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%