v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of marketable securities as of June 30, 2025 and December 31, 2024 are summarized below:
June 30, 2025
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$101 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies8,439 — — 
Corporate and international bonds— 4,142 — 
Total assets $8,540 $4,142 $— 
Liabilities:
Preferred stock warrant liability $1,967 
Total liabilities $1,967 
December 31, 2024
Level 1Level 2Level 3
Assets:
Cash Equivalents
Money market funds$85 $— $— 
Short-term marketable securities at fair value
U.S. treasury and government agencies6,053 — — 
Corporate and international bonds— 2,868 — 
Total assets $6,138 $2,868 $— 
Liabilities:
Preferred stock warrant liability $970 
Total liabilities $970 
Liabilities related to preferred stock warrants and the Series E purchase option are remeasured at fair value on a recurring basis using the Black-Scholes option pricing model. The following table presents the change in fair value of the preferred stock warrants and the Series E purchase option which are classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2025:
June 30, 2025
Preferred stock warrant liabilitySeries E purchase option
Balance January 1, 2025$970 $— 
Fair value of Series E purchase option issued— 218 
Change in fair value1,415 11,719 
Exercises(418)(11,937)
Balance June 30, 2025$1,967 $— 
The following table presents the change in fair value of the preferred stock warrants which are classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2024:
June 30, 2024
Preferred stock warrant liability
Balance January 1, 2024$851 
Change in fair value50 
Balance June 30, 2024$901 
The preferred stock warrants were valued under the option pricing model, which considers the estimated volatility of the Company’s common stock at the date of measurement based on selected metrics of applicable volatility calculations from guideline public companies. The remeasurement of the convertible preferred stock warrant liability resulted in $1,415 and $50 recognized as other (income) expense, net for the six months ended June 30, 2025 and June 30, 2024, respectively.
The Series E purchase option was valued under the option pricing model, which considers the estimated volatility of the Company’s common stock at the date of measurement based on selected metrics of applicable volatility calculations from guideline public companies. The remeasurement of the Series E purchase option resulted in $11,719 recognized as change in fair value of Series E purchase option for the six months ended June 30, 2025.
The fair value of the preferred stock warrants were estimated as of June 30, 2025 and 2024 using an option pricing model with the following weighted average assumptions:
DescriptionJune 30, 2025June 30, 2024
Weighted average volatility55.00 %50.00 %
Weighted average risk-free rate3.79 %4.94 %
Expected dividend yield— %— %