Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the fair value of the Company’s financial liabilities that are measured at fair value on a recurring basis as of June 30, 2025 (in thousands):
As of June 30, 2025
Level 1 Level 2 Level 3 Total
Warrant liability $ —  $ —  $ 270  $ 270 
There were no transfers between Level 1, 2 or 3 during the six-month period ended June 30, 2025.
The following table presents changes in Level 3 liabilities measured at fair value for the six-month period ended June 30, 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs (in thousands).

Balance at January 1, 2025 $ — 
Issuance of unvested warrants in conjunction with loan agreements 230 
Change in fair value 40 
Balance at June 30, 2025 $ 270 
A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in the Black-Scholes option pricing model measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2025, is as follows:
June 30, 2025
Exercise price $ 0.60 
Expected term (years) 5.0
Expected stock price volatility 97.7  %
Risk-free rate of interest 3.8  %
Expected dividend yield (per share) 0  %