v3.25.2
Fair Value Measurements (Tables)
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]      
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

 

       Quoted Prices in Active Markets   Significant Other Observable Inputs   Significant Other Unobservable Inputs 
   Level   (Level 1)   (Level 2)   (Level 3) 
                 
March 31, 2025                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   2   $       $4,275   $            
                     
December 31, 2024                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   2   $   $2,736   $ 

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

 

       Quoted Prices in Active Markets   Significant Other Observable Inputs   Significant Other Unobservable
Inputs
 
   Level   (Level 1)   (Level 2)   (Level 3) 
                 
June 30, 2025                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   2   $     $22,800   $     
                     
December 31, 2024                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   2   $   $2,736   $ 

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

 

       Quoted Prices in Active Markets   Significant Other Observable Inputs   Significant Other Unobservable Inputs 
   Level   (Level 1)   (Level 2)   (Level 3) 
                 
December 31, 2024                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   2   $   $2,736   $ 
                     
December 31, 2023                    
                     
Liabilities:                    
Warrant Liabilities- Private Warrants   3   $   $   $1,881 
Schedule of Changes in Fair Value of Warrant Liabilities

The following table presents the changes in the fair value of warrant liabilities for the three months ended March 31, 2025 and 2024:

 

   Private Placement
Warrants
 
Fair value as of January 1, 2025  $2,736 
Change in valuation inputs or other assumptions   1,539 
Fair value as of March 31, 2025  $4,275 

 

   Private Placement
Warrants
 
Fair value as of January 1, 2024  $1,881 
Change in valuation inputs or other assumptions   11,799 
Fair value as of March 31, 2024  $13,680 

The following table presents the changes in the fair value of warrant liabilities for the three and six months ended June 30, 2025 and 2024:

 

   Private Placement
Warrants
 
Fair value as of January 1, 2025  $2,736 
Change in valuation inputs or other assumptions   1,539 
Fair value as of March 31, 2025  $4,275 
Change in valuation inputs or other assumptions   18,525 
Fair value as of June 30, 2025  $22,800 

 

   Private Placement
Warrants
 
Fair value as of January 1, 2024  $1,881 
Change in valuation inputs or other assumptions   11,799 
Fair value as of March 31, 2024  $13,680 
Change in valuation inputs or other assumptions   14,820 
Fair value as of June 30, 2024  $28,500 

The following table presents the changes in the fair value of warrant liabilities for the years ended December 31, 2024 and 2023:

 

   Private
Placement
Warrants
 
Fair value as of January 1, 2024  $1,881 
Change in valuation inputs or other assumptions   855 
Fair value as of December 31, 2024  $2,736 

 

   Private
Placement
Warrants
 
Fair value as of January 1, 2023  $6,270 
Change in valuation inputs or other assumptions   (4,389)
Fair value as of December 31, 2023  $1,881 
Schedule of Estimated Fair value of Warrant Liabilities    

 

   

As of

December 31, 2023

 
Exercise price   $5.75 
Market price of public stock   $5.42 
Term (years)    0.95 
Volatility    immaterial 
Risk-free rate    4.99%
Dividend yield    0.0%