Current liabilities

12 Months Ended

Dec. 31, 2024

Current liabilities

Current liabilities

4. Current liabilities

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	As of December 31,
	2024			2023
Employee related costs	$	713	$	118
Professional service fees		17		308
Other		55		166
Total	$	785	$	592

Warrant liabilities

Changes to our warrant liabilities are summarized as follows (in thousands):

	Total
As of January 1, 2023	$	10,796
Reclassification of warrant liabilities upon exercise of warrants		(7,183)
Change in fair value of warrant liabilities		(2,955)
As of December 31, 2023		658
Change in fair value of warrant liabilities		(297)
As of December 31, 2024	$	361

Our warrant liabilities relate to the 2022 Series A warrants and 2022 Series B warrants, both of which were issued in November 2022. These warrants are considered to be derivative instruments; accordingly, we recorded their estimated fair value as warrant

liabilities. We estimated the fair value of these warrants using the trading market price of our common stock due to a cashless exercise provision of these warrants whereby eight warrants can be exercised for one share of common stock for no additional consideration, which results in the warrant exercise price to be zero.