v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company uses various inputs to measure the outstanding warrants on a recurring basis to determine the fair value of the liabilities. The following tables classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy:
Fair value measured at September 30, 2025
(in thousands)
Fair value at
September 30, 2025
Quoted prices in
active markets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Warrant liability$5,921 $- $- $5,921 
Fair value measured at December 31, 2024
(in thousands)
Fair value at
December 31, 2024		Quoted prices in
active markets
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Warrant liability$8,107 $- $- $8,107 
There were no transfers among Levels 1, 2 or 3 during the three and nine months ended September 30, 2025, and 2024. 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 and unobservable inputs.
Warrant Liability
The Company's liability classified warrants as of September 30, 2025, and December 31, 2024, were valued using the Black Scholes valuation model.
Significant Black Scholes valuation model inputs related to the Company’s warrants are listed below:
September 30, 2025December 31, 2024
Weighted average expected life in years0.230.85
Weighted average volatility60%91%
Value of underlying shares$37.48$22.76
Weighted average risk free interest rate3.96%4.10%
Expected dividend yield0%0%
A summary of the Level 3 warrant activity for the three and nine months ended September 30, 2025, is as follows:
(in thousands, except per share data)Warrants
Outstanding		Fair Value
per Share		Warrant Liability
Fair Value
Balance at June 30, 2025390$30.82 $12,018 
Expired(222)
Change in fair value(6,097)
Balance at September 30, 2025168$35.24 $5,921 
(in thousands, except per share data)Warrants
Outstanding 		Fair Value
per Share		Warrant Liability
Fair Value
Balance at December 31, 2024390$20.79 $8,107 
Expired(222)
Change in fair value(2,186)
Balance at September 30, 2025168$35.24 $5,921