Fair Value Measurements (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| Fair Value Measurements [Abstract] |
|
|
| Schedule of Liabilities Subject to Fair Value Measurements |
Liabilities subject to fair value measurements are as follows:
| | |
As of March 31, 2025 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Liabilities | |
| | |
| | |
| | |
| |
| Earnout Shares liability | |
$ | — | | |
$ | — | | |
$ | 11,692,000 | | |
$ | 11,692,000 | |
| Subject Vesting Shares liability | |
| — | | |
| — | | |
| 2,345,000 | | |
| 2,345,000 | |
| Total liabilities | |
$ | — | | |
$ | — | | |
$ | 14,037,000 | | |
$ | 14,037,000 | |
|
Liabilities subject to fair value measurements
are as follows:
| | |
As of December 31, 2024 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Liabilities | |
| | |
| | |
| | |
| |
| Earnout Shares liability | |
$ | — | | |
$ | — | | |
$ | 24,524,000 | | |
$ | 24,524,000 | |
| True Up Shares liability | |
| — | | |
| — | | |
| 2,189,000 | | |
| 2,189,000 | |
| Subject Vesting Shares liability | |
| — | | |
| — | | |
| 7,819,000 | | |
| 7,819,000 | |
| Total liabilities | |
$ | — | | |
$ | — | | |
$ | 34,532,000 | | |
$ | 34,532,000 | |
|
| Schedule of Estimated Fair Value Earnout Shares |
Assumptions such as risk-free rate, stock price, volatility, and discount rate were
based on market data. See the following summary of key inputs:
| | |
As of
March 31,
2025 | | |
As of
December 31,
2024 | |
| Stock Price | |
$ | 4.61 | | |
$ | 7.97 | |
| Volatility | |
| 40 | % | |
| 40 | % |
| Risk free rate of return | |
| 3.90 | % | |
| 4.30 | % |
| Expected term (in years) | |
| 4.0 | | |
| 4.2 | |
|
Assumptions such as risk-free rate, stock price, volatility, and discount rate
were based on market data. See the following summary of key inputs:
| | |
As of
December 31,
2024 | | |
As of
March 14,
2024 | |
| Stock Price(1) | |
$ | 7.97 | | |
$ | 10.00 | |
| Volatility | |
| 40 | % | |
| 35 | % |
| Risk free rate of return | |
| 4.30 | % | |
| 4.24 | % |
| Expected term (in years) | |
| 4.2 | | |
| 5.0 | |
| (1) | At March 14, 2024, the $10.00 price represents the Business
Combination price. |
|
| Schedule of Earnout Share Liability |
The following table presents the changes in the fair value of the
Earnout Shares liability:
| | |
Three Months Ended
March 31,
2025 | |
| Earnout Shares liability as of December 31, 2024 | |
$ | 24,524,000 | |
| Change in fair value | |
| (12,832,000 | ) |
| Balance as of March 31, 2025 | |
$ | 11,692,000 | |
|
The following table presents the changes in the
fair value of the Earnout Shares liability:
| | |
Year Ended
December 31,
2024 | |
| Earnout Shares Liability as of December 31, 2023 | |
$ | — | |
| Expensed as transaction costs of business combination | |
| 53,721,000 | |
| Change in fair value | |
| (29,197,000 | ) |
| Balance as of December 31, 2024 | |
$ | 24,524,000 | |
|
| Schedule of Vesting Shares Liability |
The following table presents the changes in the fair value of the
Subject Vesting Shares liability:
| | |
Three Months Ended
March 31,
2025 | |
| Subject Vesting Shares liability as of December 31, 2024 | |
$ | 7,819,000 | |
| Change in fair value | |
| (5,474,000 | ) |
| Balance as of March 31, 2025 | |
$ | 2,345,000 | |
|
The following table presents the changes in the
fair value of the Subject Vesting Shares liability:
| | |
Year Ended
December 31,
2024 | |
| Subject Vesting Shares liability as of December 31, 2023 | |
$ | — | |
| Assumed in the Business Combination | |
| 11,792,000 | |
| Change in fair value | |
| (3,973,000 | ) |
| Balance as of December 31, 2024 | |
$ | 7,819,000 | |
|
| Schedule of True Up Shares liability |
|
The following table presents the changes in the
fair value of the True Up Shares liability:
| | |
Year Ended
December 31,
2024 | |
| True Up Share Liability as of December 31, 2023 | |
$ | — | |
| Assumed in the Business Combination | |
| 555,000 | |
| Change in fair value | |
| 1,634,000 | |
| Balance as of December 31, 2024 | |
$ | 2,189,000 | |
|