Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENTS (Tables)

v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
The following table summarizes the range of significant assumptions used in determining the fair value of liability-classified warrants on the respective reclassification dates for the nine months ended September 30, 2024:

The following table summarizes the range of significant assumptions used in determining the fair value of liability-classified warrants on the respective reclassification dates for the nine months ended September 30, 2024: 

 

      Nine months ended  
      September 30, 2024  
Common stock price     $ 6.080 - 9.888  
Risk-free rate         4.01% - 5.37%  
Expected term (in years)         0.86 - 5.00  
Expected volatility         105.00% - 120.00%  
Discount for lack of marketability         N/A  
A reconciliation of the beginning and ending balances for the liability-classified warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the three and nine months ended September 30, 2024:

A reconciliation of the beginning and ending balances for the liability-classified warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the three and nine months ended September 30, 2024:

 

    Warrant liabilities  
Balance at December 31, 2023   $ 22,855  
Fair value - mark to market adjustment     (7,005 )
Warrants reclassified from liabilities to equity     (15,850 )
Balance at March 31, 2024   $ —  
Warrants reclassified from equity to liabilities     9,977  
Fair value - mark to market adjustment     855  
Warrants reclassified from liabilities to equity     (10,832 )
Balance at June 30, 2024   $ —  
Warrants reclassified from equity to liabilities     —  
Fair value - mark to market adjustment     —  
Warrants reclassified from liabilities to equity     —  
Balance at September 30, 2024   $ —  

 

For the three and nine months ended September 30, 2024, the Company recognized a change in fair value resulting in a loss of $0 million and gain of $6.2 million, respectively, related to the liability-classified warrants prior to meeting the criteria for equity classification.

 

There were no liability-classified warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three or nine months ended September 30, 2025. Changes in the fair value of the liability-classified warrants are recognized as a separate component in the consolidated statement of operations.