v3.25.2
Fair Value of Financial Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

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 utilized to determine such fair values (in thousands):

 

 

 

FAIR VALUE MEASUREMENTS AS OF
JUNE 30, 2025 USING:

 

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

 

TOTAL

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

 

—

 

 

 

—

 

 

 

1,146

 

 

 

1,146

 

Total

 

$

—

 

 

$

—

 

 

$

1,146

 

 

$

1,146

 

 

 

 

FAIR VALUE MEASUREMENTS AS OF
DECEMBER 31, 2024 USING:

 

 

 

LEVEL 1

 

 

LEVEL 2

 

 

LEVEL 3

 

 

TOTAL

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

 

—

 

 

 

—

 

 

 

21,718

 

 

 

21,718

 

Total

 

$

—

 

 

$

—

 

 

$

21,718

 

 

$

21,718

 

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liability, for which fair value is determined by Level 3 inputs (in thousands):

 

 

 

SERIES B
WARRANT
LIABILITY

 

Balance at December 31, 2024

 

$

21,718

 

Change in fair value

 

 

(20,572

)

Balance at June 30, 2025

 

$

1,146

 

The carrying value of cash equivalents (considered as Level 1 measurements) approximates the fair value due to the short-term nature of these assets.