v3.25.2
Fair Value Measures (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Measures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

At December 31, 2024 and December 31, 2023, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows:

 

   December 31, 2024   December 31, 2023 
   Fair Value Measurements Using Input Types   Fair Value Measurements Using Input Types 
(In thousands)  Level 1   Level 2   Level 3   Total   Level 1   Level 2   Level 3   Total 
Assets:                                
Money market funds  $
    
    
   $
   $
    
    
   $
 
Total assets  $
   $
   $
   $
   $
   $
   $
   $
 
Liabilities:                                        
Warrant liabilities - January 2022 warrants  $
   $
   $1   $1   $
   $
   $1   $1 
Warrant liabilities - March 2022 warrants   
    
    15    15    
    
    7    7 
Warrant liabilities - August 2022 warrants   
    
    46    46    
    
    18    18 
Warrant liabilities - December 2022 warrants   
    
    934    934    
    
    1,264    1,264 
Total liabilities  $
   $
   $996   $996   $
   $
   $1,290   $1,290 
Schedule of Company’s Assumptions Used in the Valuations

The following table summarizes the Company’s assumptions used in the valuations as of December 31, 2024 and 2023:

 

   January 2022
Warrants
   March 2022
Warrants
   August 2022
Warrants
   December 2022
Warrants
 
   December 31, 2024 
Stock price  $28.99   $28.99   $28.99   $28.99 
Exercise price  $22,440.00   $6,450.00   $3,690.00   $0.14 
Expected term (in Years)   2.08    2.73    3.14    2.97 
Volatility   171.00%   171.00%   171.00%   171.00%
Discount rate - treasury yield   4.27%   4.27%   4.27%   4.27%

 

   January 2022
Warrants
   March 2022
Warrants
   August 2022
Warrants
   December 2022
Warrants
 
   December 31, 2023 
Stock price  $1.26   $1.26   $1.26   $1.26 
Exercise price  $1,496.00   $430.00   $246.00   $3.45 
Expected term (in Years)   3.57    4.13    4.13    4.13 
Volatility   138.00%   136.00%   136.00%   136.00%
Discount rate - treasury yield   3.96%   3.91%   3.91%   3.91%
Schedule of Changes in the Fair Value of the Level 3 Warrant Liabilities

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the years ended December 31, 2024 and 2023:

 

   2024   2023 
Warrant liabilities - beginning of period  $1,290   $5,985 
Initial fair value of warrant liabilities   5,601    
 
Exercise of warrants   (3,026)   
 
Reclassification of warrant liabilities to equity   (20,771)   
 
Change in estimated fair value   17,902    (4,695)
Warrant liabilities end of period  $996   $1,290