Fair Value Measurements
The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2025 |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
| Restricted cash: | | | | | | | |
| Money market funds | $ | 19,302 | | $ | — | | $ | — | | $ | 19,302 |
| Total | $ | 19,302 | | $ | — | | $ | — | | $ | 19,302 |
| Liabilities: | | | | | | | |
| | | | | | | |
| Other current liabilities: | | | | | | | |
| Public Warrants | 247 | | — | | — | | 247 |
| Private Placement Warrants | — | | 2 | | — | | 2 |
| Total | $ | 247 | | $ | 2 | | $ | — | | $ | 249 |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2024 |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
| Restricted cash: | | | | | | | |
| Money market funds | $ | 16,345 | | | $ | — | | | $ | — | | | $ | 16,345 | |
| Total | $ | 16,345 | | | $ | — | | | $ | — | | | $ | 16,345 | |
| Liabilities: | | | | | | | |
| | | | | | | |
| Other non-current liabilities: | | | | | | | |
| Public Warrants | 1,765 | | | — | | | — | | | 1,765 | |
| Private Placement Warrants | — | | | 13 | | | — | | | 13 | |
| Total | $ | 1,765 | | | $ | 13 | | | $ | — | | | $ | 1,778 | |
The Company’s investments in money market funds are measured at amortized cost, which approximates fair value. The difference between the total amount of funds held in money market accounts and the total restricted cash balances on the consolidated balance sheets relates to interest that is unrestricted.
The Company’s warrant liability as of December 31, 2025 and 2024 includes public and private placement warrants that were originally issued by 890, but which were assumed by the Company in connection with the closing of the Business Combination (the “Public Warrants” and “Private Placement Warrants,” respectively, or together, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount is adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statements of operations and comprehensive loss.
The Public Warrants are publicly traded under the symbol “BZFDW,” and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $0.03 and $0.18 as of December 31, 2025 and 2024, respectively.
The warrant liability was classified as a current liability, included within other current liabilities within the accompanying consolidated balance sheet as of December 31, 2025, as the expiration date of the warrants is less than one year as of such date.
There were no transfers between fair value measurement levels during the year ended December 31, 2025 or 2024.