Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments (Tables)

v3.25.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assumptions The table below presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM:
June 30, 2025 February 25, 2025 December 31, 2024
Fair value per share $ 8.74  $ 6.84  $ 7.15 
Warrants outstanding 2,633,195  5,098,978  7,732,168 
Exercise price $ 11.50  $ 11.50  $ 11.50 
Common stock price $ 16.30  $ 14.34  $ 16.46 
Expected option term 1.2 years 1.5 years 1.7 years
Expected volatility 103.00  % 82.90  % 52.70  %
Risk-free rate of return 3.88  % 4.05  % 4.18  %
Expected annual dividend yield —  % —  % —  %
Schedule of Liabilities Measured at Fair Value
The table below presents the Company’s financial instruments measured at fair value on a recurring basis:
  June 30, 2025
  Balance Sheet Location Level 1 Level 2 Level 3 Total
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ 23,014  $ 23,014 
Total liabilities $ —  $ —  $ 23,014  $ 23,014 
December 31, 2024
Balance Sheet Location Level 1 Level 2 Level 3 Total
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ 55,285  $ 55,285 
Total liabilities $ —  $ —  $ 55,285  $ 55,285 
Schedule of Changes in the Fair Value of Level 3 Financial Liabilities
Changes in the fair value of Level 3 financial liabilities were as follows:
Liabilities:
Private Warrants
Total Level 3
December 31, 2024 $ 55,285  $ 55,285 
Changes in fair value
2,692  2,692 
Settlements
(34,963) (34,963)
June 30, 2025 $ 23,014  $ 23,014 
Schedule of Changes in the Fair Value of Level 3 Financial Assets
Changes in the fair value of Level 3 financial liabilities were as follows:
Liabilities:
Private Warrants
Total Level 3
December 31, 2024 $ 55,285  $ 55,285 
Changes in fair value
2,692  2,692 
Settlements
(34,963) (34,963)
June 30, 2025 $ 23,014  $ 23,014