v3.25.3
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value and their Levels in Fair Value Hierarchy The Company’s financial instruments measured at fair value and their respective levels in the fair value hierarchy as of September 30, 2025, and December 31, 2024, were as follows:
 September 30, 2025December 31, 2024
 Fair Value of AssetsFair Value of Assets
In ThousandsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Money market funds (1)
$— $— $— $— $1,058 $— $— $1,058 
Total$— $— $— $— $1,058 $— $— $1,058 

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(1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.


September 30, 2025December 31, 2024
Fair Value of LiabilitiesFair Value of Liabilities
In ThousandsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Common Warrants$— $— $59 $59 $— $— $2,268 $2,268 
Total$— $— $59 $59 $— $— $2,268 $2,268 
Schedule of Common Warrants Activity


The following table summarizes the Common Warrants activity for the nine months ended September 30, 2025:

In ThousandsLevel 3 Fair Value of Liabilities
Balance as of December 31, 2024$2,268 
Issued— 
Reclassified to stockholders' equity(1,742)
Change in fair value(467)
Balance as of September 30, 2025$59 
The following table summarizes the Common Warrants activity for the nine months ended September 30, 2024:
In ThousandsLevel 3 Fair Value of Liabilities
Balance as of December 31, 2023$1,418 
Issued10,151 
Change in fair value(8,908)
Balance as of September 30, 2024$2,661 
Schedule of Estimated Fair Values of Common Warrants, and Assumptions Used for Black-Scholes Option Pricing Model The estimated fair values of the Common Warrants, and the assumptions used for the Black-Scholes option pricing model were as follows:
 As of September 30, 2025As of December 31, 2024
Estimated fair value of common warrants per share
$0.01 - $0.57
$0.39 - $1.70
Assumptions: 
Risk-free interest rate
3.6%
4.2% - 4.3%
Expected volatility
102.2% - 116.2%
111.0% - 118.1%
Expected term to liquidation (in years)
1.9 - 3.7
2.6 - 4.5


The estimated fair values of the 2024 Common Warrants on the January 2025 and May 2025 reclassification dates, and the assumptions used for the Black-Scholes option pricing model were as follows:

May 2025 ModificationJanuary 2025 Modifications
Estimated fair value of common warrants per share (1) (2)
$1.55
$1.34 - $1.55
Assumptions:
Risk-free interest rate4.0 %4.4 %
Expected volatility111.9 %111.4 %
Expected term to liquidation (in years)4.14.4

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(1) The May 23, 2025 Modification represents the 98,040 2024 Common Warrants held by Mr. Riggs, which were amended on May 23, 2025. The stock price immediately prior to the May 2025 Modification was $2.72 per share of Class A Common Stock.
(2) For the January 2025 Modifications, the $1.34 fair value per share represents the 550,000 2024 Common Warrants amended on January 22, 2025, and the $1.55 fair value per share represents 550,000 2024 Common Warrants amended on January 24, 2025. The stock price immediately prior to the January 2025 Modifications was $2.31 per share of Class A Common Stock and $2.60 per share of Class A Common Stock, respectively.