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

The following tables summarize the Company’s financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

   June 30, 2025 
Assets  Level 1   Level 2   Level 3   Total 
Cash equivalents:                    
Money market funds  $12,151   $     -   $    -   $12,151 
   $12,151   $-   $-   $12,151 

 

Liabilities  Level 1   Level 2   Level 3   Total 
Common stock warrant liability  $      -   $    -   $1,285   $1,285 
   $-   $-   $1,285   $1,285 

 

   December 31, 2024 
Assets  Level 1   Level 2   Level 3   Total 
Cash equivalents:                    
Money market funds  $7,008   $    -   $    -   $7,008 
   $7,008   $-   $-   $7,008 

 

Liabilities  Level 1   Level 2   Level 3   Total 
Common stock warrant liability  $    -   $    -   $1,519   $1,519 
   $-   $-   $1,519   $1,519 
Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table reflects the change in the Company’s Level 3 common stock warrant liability for the six months ended June 30, 2025 (in thousands):

 

      
Fair value as of December 31, 2024  $1,519 
Change in fair value   (234)
Fair value as of June 30, 2025  $1,285 
Schedule of Fair Value of Assumption

The following table details the assumptions used in the Monte Carlo simulation to estimate the fair value of the common stock warrant liability:

 

   June 30, 2025   December 31, 2024 
Stock price  $1.315   $1.29 
Strike price  $3.21   $3.21 
Expected volatility   100% – 104%   108.0%
Expected term (years)   0.00 3.26    3.76 
Risk-free interest rate   3.69% – 4.41%   4.31%
Dividend rate   %   %