Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis
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:

  June 30, 2025
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
 Money market funds
$ 11,771 $ $
Liabilities:
Cargill Amended Warrants Liability $ $ $ 11,412
December 31, 2024
Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements
Assets:
 Money market funds
$ 7,448 $ $
Liabilities:
Cargill Amended Warrants Liability $ $ $ 6,403
Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis:
June 30,
2025
(in thousands)
Balance as of December 31, 2024 $ 6,403
Fair value measurement adjustments through other income (expense) 5,009
Balance as of June 30, 2025 $ 11,412
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The key inputs into the Black-Scholes model used to determine the fair value of the liability of the Amended Warrants were as follows at their measurement dates:

June 30,
2025
June 30,
2024
Input
Share price $ 2.34 $ 2.79
Risk-free interest rate 4.0% 4.3%
Volatility 123% 125%
Exercise price $ 4.00 $ 6.50
Warrant life (years) 7.8 3.7
Dividend yield —% —%