Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements

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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
Level December 31, 2024 December 31, 2023
Assets
Money market fund (1) 1 $ 13,751  $ 25,064 
$ 13,751  $ 25,064 
Liabilities
Warrant liabilities - Public Warrants
 1 $ 3,758  $ 3,208 
Warrant liabilities - Private Warrants
 2 2,050  1,750 
Fair value of aggregate warrant liabilities
 $ 5,808  $ 4,958 
(1) As of December 31, 2024 and 2023, the Company had cash equivalents held in a money market fund. The Company has concluded that due to the highly liquid nature of the fund, the carrying value approximates fair value, which represents a Level 1 input. The balance of cash equivalents held in the money market fund is included in cash and cash equivalents.

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within “Warrant liability” on the Company’s consolidated balance sheets. The warrant liabilities are measured at fair value upon assumption and on a recurring basis, with changes in fair value presented within “Change in fair value of warrant liabilities” in the consolidated statements of operations.
The Public Warrants are considered part of Level 1 of the fair value hierarchy, as those securities are traded on an active public market. At May 7, 2021 and thereafter, the Company valued the Private Warrants using Level 2 of the fair value hierarchy. The Company used the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market.
Subsequent Measurement

The following table presents the changes in fair value of the warrant liabilities:
Public
Warrants
Private
Placement
Warrants
Total Warrant
Liability
Fair value as of January 1, 2023 $ 4,583  $ 2,500  $ 7,083 
Change in fair value of warrant liabilities (1,375) (750) (2,125)
Fair value as of December 31, 2023
 $ 3,208  $ 1,750  $ 4,958 
Change in fair value of warrant liabilities
 550  300  850 
Fair value as of December 31, 2024
 $ 3,758  $ 2,050  $ 5,808