Equity Warrants Classified as Derivative Liabilities

v3.25.1

Equity Warrants Classified as Derivative Liabilities	3 Months Ended
	Mar. 31, 2025
Equity [Abstract]
Equity Warrants Classified as Derivative Liabilities	10. Equity Warrants Classified as Derivative Liabilities Warrant Valuation Equity warrants that are classified as derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (see Note 14). The Company's derivative liabilities were made up of only equity warrants and the Sponsor Shares as of March 31, 2025 and 2024. The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at March 31, 2025: Number of Shares Exercise Price Redemption Price Expiration Date Classification Gain (Loss) in Value for the Three months ended March 31, 2025 Fair Value as of March 31, 2025 (in thousands) (in thousands) Public Warrants 1,977  $ 92.00  $ 144.00  9/9/2026 Liability $ 263  $ 1,991  Private Placement Warrants - Issued October 2019 520  92.00  144.00  9/9/2026 Liability 99  583  Private Placement Warrants - Issued October 2019 520  160.00  144.00  9/9/2026 Liability 114  343  Private Placement Warrants - Issued March 2023 2,050  17.61  N/A 9/8/2028 Liability (2,276) 11,544  In addition, the Company has 221 thousand Class A common stock warrants outstanding which have an exercise price of $0.88 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and were included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.