v3.25.2
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:
Fair Value as of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents$21,359 $— $— $21,359 
Marketable securities— 34,106 — 34,106 
Total fair value$21,359 $34,106 $— $55,465 
Liabilities:
Common stock warrants (Public)$464 $— $— $464 
Common stock warrants (Private Placement)— 217 — 217 
Earnout liability— — 24 24 
Derivative liability— 17 — 17 
Total fair value$464 $234 $24 $722 
Fair Value as of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents$46,953 $— $— $46,953 
Marketable securities— 46,613 — 46,613 
Derivative asset— 15 — 15 
Total fair value$46,953 $46,628 $— $93,581 
Liabilities:
Common stock warrants (Public)$3,108 $— $— $3,108 
Common stock warrants (Private Placement)— 1,458 — 1,458 
Earnout liability— — 2,486 2,486 
Total fair value$3,108 $1,458 $2,486 $7,052 
Schedule of Activities of Earnout Liability
The following table summarizes the activities for the earnout liability during the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Balance at beginning of period$24 $265 $2,486 $1,783 
(Gain) loss in fair value of earnout liability— 978 (2,462)(540)
Balance at end of period$24 $1,243 $24 $1,243 
Schedule of Marketable Securities The following table summarizes the marketable securities by major security type as follows:
As of June 30, 2025
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Corporate bonds$2,871 $14 $— $2,885 
Asset-backed securities30,637 141 (1,025)29,753 
U.S. government and agency securities1,484 — (16)1,468 
Total marketable securities$34,992 $155 $(1,041)$34,106 
As of December 31, 2024
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
Corporate bonds$3,741 $30 $— $3,771 
Asset-backed securities36,309 39 (1,349)34,999 
U.S. government and agency securities7,829 14 — 7,843 
Total marketable securities$47,879 $83 $(1,349)$46,613 
Schedule of Marketable Security Contractual Maturities
The contractual maturities of the investments classified as marketable securities are as follows:
As of June 30, 2025
(in thousands)Mature within one yearMature after one year through two yearsMature over two yearsFair Value
Corporate bonds$799 $1,385 $701 $2,885 
Asset-backed securities— — 29,753 29,753 
U.S. government and agency securities— — 1,468 1,468 
Total marketable securities$799 $1,385 $31,922 $34,106 
As of December 31, 2024
(in thousands)Mature within one yearMature after one year through two yearsMature over two yearsFair Value
Corporate bonds$— $2,869 $902 $3,771 
Asset-backed securities— — 34,999 34,999 
U.S. government and agency securities5,984 — 1,859 7,843 
Total marketable securities$5,984 $2,869 $37,760 $46,613