Fair Value Measurement (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
10,194 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,194 |
|
U.S. treasury bills and bonds |
|
|
11,959 |
|
|
|
— |
|
|
|
— |
|
|
|
11,959 |
|
|
|
$ |
22,153 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,153 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
— |
|
|
$ |
63,640 |
|
|
$ |
— |
|
|
$ |
63,640 |
|
U.S. treasury bills and bonds |
|
|
17,863 |
|
|
|
— |
|
|
|
— |
|
|
|
17,863 |
|
|
|
$ |
17,863 |
|
|
$ |
63,640 |
|
|
$ |
— |
|
|
$ |
81,503 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agreement Warrants |
|
$ |
— |
|
|
$ |
252 |
|
|
$ |
— |
|
|
$ |
252 |
|
Contingent earnout liability |
|
|
— |
|
|
|
— |
|
|
|
644 |
|
|
|
644 |
|
|
|
$ |
— |
|
|
$ |
252 |
|
|
$ |
644 |
|
|
$ |
896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
3,157 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,157 |
|
|
|
$ |
3,157 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,157 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agreement Warrants |
|
$ |
— |
|
|
$ |
13,641 |
|
|
$ |
— |
|
|
$ |
13,641 |
|
Contingent earnout liability |
|
|
— |
|
|
|
— |
|
|
|
1,455 |
|
|
|
1,455 |
|
|
|
$ |
— |
|
|
$ |
13,641 |
|
|
$ |
1,455 |
|
|
$ |
15,096 |
|
|
| Summary of Change in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
Contingent
Earnout
Liability |
|
|
Fair value as of December 31, 2024 |
|
$ |
1,455 |
|
|
Change in fair value of contingent earnout liability |
|
|
(811 |
) |
|
Fair value as of June 30, 2025 |
|
$ |
644 |
|
|
|
| Schedule of Cash and Cash Equivalents |
The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
13,961 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,961 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
10,194 |
|
|
|
— |
|
|
|
— |
|
|
|
10,194 |
|
U.S. treasury bills and bonds |
|
|
11,959 |
|
|
|
— |
|
|
|
— |
|
|
|
11,959 |
|
|
|
$ |
36,114 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
36,114 |
|
Marketable Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
63,642 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
63,640 |
|
U.S. treasury bills and bonds |
|
|
17,863 |
|
|
|
— |
|
|
|
— |
|
|
|
17,863 |
|
|
|
$ |
81,505 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
81,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
16,049 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,049 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
3,157 |
|
|
|
— |
|
|
|
— |
|
|
|
3,157 |
|
|
|
$ |
19,206 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,206 |
|
|
| Amortized Cost and Estimated Fair Value of Marketable Securities |
The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
Due in one year or less |
|
|
|
|
|
$ |
81,505 |
|
|
$ |
81,503 |
|
|
| Contingent Earnout Liability |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the contingent earnout liability:
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
December 31, |
|
|
|
2025 |
|
|
|
2024 |
|
Fair value of the Company’s Class A common stock |
|
$ |
11.90 |
|
|
|
$ |
14.07 |
|
Risk-free interest rate |
|
|
3.93 |
% |
|
|
|
4.22 |
% |
Expected volatility factor |
|
|
110.0 |
% |
|
|
|
96.0 |
% |
Earnout expiration date |
|
August 16, 2026 |
|
|
|
August 16, 2026 |
|
|
| Credit Agreement Warrants |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the Credit Agreement Warrants:
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
December 31, |
|
|
|
2025 |
|
|
|
2024 |
|
Fair value of the Company’s Class A common stock |
$ |
|
11.90 |
|
|
$ |
|
14.07 |
|
Exercise price |
$ |
16.08 |
|
|
$ |
5.44 - 16.08 |
|
Risk-free interest rate |
|
|
3.98 |
% |
|
|
|
4.48 |
% |
Expected volatility factor |
|
|
110.0 |
% |
|
|
|
96.0 |
% |
Expected dividend yield |
|
|
— |
% |
|
|
|
— |
% |
Remaining contractual term (in years) |
|
|
7.0 |
|
|
|
7.4 - 8.7 |
|
|