Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	September 30, 2025
Assets	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	9,612	$	-	$	-	$	9,612
	$	9,612	$	-	$	-	$	9,612

Liabilities	Level 1		Level 2		Level 3		Total
Common stock warrant liability	$	-	$	-	$	1,110	$	1,110
	$	-	$	-	$	1,110	$	1,110

	December 31, 2024
Assets	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	7,008	$	-	$	-	$	7,008
	$	7,008	$	-	$	-	$	7,008

Liabilities	Level 1		Level 2		Level 3		Total
Common stock warrant liability	$	-	$	-	$	1,519	$	1,519
	$	-	$	-	$	1,519	$	1,519

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table reflects the change in the Company’s Level 3 common stock warrant liability for the nine months ended September 30, 2025 (in thousands):


Fair value as of December 31, 2024	$	1,519
Change in fair value		(409	)
Fair value as of September 30, 2025	$	1,110

Schedule of Fair Value of Assumption

The following table details the assumptions used in the Monte Carlo simulation to estimate the fair value of the common stock warrant liability:

Schedule of Fair Value of Assumption

	September 30, 2025			December 31, 2024
Stock price	$	1.27		$	1.29
Strike price	$	3.21		$	3.21
Expected volatility		100.0% - 102.0	%		108.0	%
Expected term (years)		0.00 - 3.01			3.76
Risk-free interest rate		3.61% – 4.02	%		4.31	%
Dividend rate		—	%		—	%

RenovoRx, Inc. 10-Q