| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
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|
Fair Value Measurement Using |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
249,393 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
249,393 |
|
Total cash equivalents |
|
249,393 |
|
|
|
— |
|
|
|
— |
|
|
|
249,393 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
— |
|
|
|
45,040 |
|
|
|
— |
|
|
|
45,040 |
|
Total marketable securities |
|
— |
|
|
|
45,040 |
|
|
|
— |
|
|
|
45,040 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
— |
|
|
|
770 |
|
|
|
— |
|
|
|
770 |
|
Total restricted cash |
|
— |
|
|
|
770 |
|
|
|
— |
|
|
|
770 |
|
Total assets |
$ |
249,393 |
|
|
$ |
45,810 |
|
|
$ |
— |
|
|
$ |
295,203 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Derivative liability - warrants |
|
— |
|
|
|
1,305 |
|
|
|
38 |
|
|
|
1,343 |
|
Total liabilities |
$ |
— |
|
|
$ |
1,305 |
|
|
$ |
38 |
|
|
$ |
1,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
Fair Value Measurement Using |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
19,926 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,926 |
|
Total cash equivalents |
|
19,926 |
|
|
|
— |
|
|
|
— |
|
|
|
19,926 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
— |
|
|
|
5,021 |
|
|
|
— |
|
|
|
5,021 |
|
Total marketable securities |
|
— |
|
|
|
5,021 |
|
|
|
— |
|
|
|
5,021 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
— |
|
|
|
498 |
|
|
|
— |
|
|
|
498 |
|
Total restricted cash |
|
— |
|
|
|
498 |
|
|
|
— |
|
|
|
498 |
|
Total assets |
$ |
19,926 |
|
|
$ |
5,519 |
|
|
$ |
— |
|
|
$ |
25,445 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Derivative liability - warrants |
|
— |
|
|
|
— |
|
|
|
2,504 |
|
|
|
2,504 |
|
Total liabilities |
$ |
— |
|
|
$ |
— |
|
|
$ |
2,504 |
|
|
$ |
2,504 |
|
|
| Schedule of Assumptions Used in Estimating Fair Value of Derivative Liabilities for Warrant Liabilities |
The following are the assumptions used in the Black-Scholes valuation model in order to determine the fair value of the Level 3 derivative liabilities for the warrant liabilities for the years ended December 31, 2025 and 2024:
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|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
2025 |
|
|
2024 |
Term |
|
2.66 |
|
|
0.58 - 2.00 |
Volatility |
|
|
103.4 |
% |
|
49.0% - 70.0 % |
Exercise price |
|
$ |
41.83 |
|
|
$ 0.28 - $41.83 |
Risk-free rate |
|
|
3.52 |
% |
|
4.23% - 4.25 % |
|
| Schedule of Change in the Derivative Liabilities |
The changes in Level 3 derivative liabilities for the years ended December 31, 2025 and 2024 were as follows (in thousands):
|
|
|
|
|
|
|
Warrants |
|
Balance, December 31, 2023 |
|
$ |
1,557 |
|
Loss due to change in fair value |
|
|
947 |
|
Balance, December 31, 2024 |
|
$ |
2,504 |
|
Transfer of nominal exercise price warrants out of Level 3 into Level 2 |
|
|
(2,426 |
) |
Gain due to change in fair value |
|
|
(40 |
) |
Balance, December 31, 2025 |
|
$ |
38 |
|
The change in the total warrant liabilities for the years ended December 31, 2025 and 2024 was (in thousands):
|
|
|
|
|
|
|
Warrants |
|
Balance, December 31, 2023 |
|
$ |
1,557 |
|
Loss due to change in fair value |
|
|
947 |
|
Balance, December 31, 2024 |
|
$ |
2,504 |
|
Gain due to change in fair value |
|
|
(1,161 |
) |
Balance, December 31, 2025 |
|
$ |
1,343 |
|
|