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

Fair Value Measurements

v3.25.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value:

  December 31, 2024
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
Money market funds
 $ 7,448 $ — $ —
Liabilities:
March 2023 Cargill Warrant Liability $ — $ — $ 6,403
December 31, 2023
Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements
Assets:
Money market funds
 $ 16,322 $ — $ —
Liabilities:
March 2023 Cargill Warrant Liability $ — $ — $ 7,214
The fair value of the Company's money market funds is determined using quoted market prices in active markets for identical assets.
The fair value of the March 2023 Cargill Warrant Liability is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis:
December 31,
2024
(in thousands)
Balance as of March 28, 2023 (initial measurement) $ 25,697
Fair value measurement adjustments through other income (expense) (18,483)
Balance as of December 31, 2023 7,214
Fair value measurement adjustments through other income (expense) (811)
Balance as of December 31, 2024 $ 6,403

The key inputs into the Black-Scholes model used to determine the fair value of the 2023 Cargill Warrant Liability were as follows at their measurement dates:

December 31,
2024		 December 31, 2023
Input
Share price $ 2.07 $ 2.07
Risk-free interest rate 4.4% 3.8%
Volatility 122% 133%
Exercise price $ 6.50 $ 13.00
Warrant life (years) 3.2 4.2
Dividend yield —% —%

As of December 31, 2024 and 2023, the carrying value of the Company's cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximated their respective fair values due to their short-term maturities. There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.