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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value |
Schedule of financial assets and liabilities measured at fair value |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents - Money Market Funds |  | $ | 283 |  |  | $ | — |  |  | $ | — |  |  | $ | 283 |
Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election |  |  | — |  |  |  | 65,096 |  |  |  | — |  |  |  | 65,096 |
Short term investments - Available-for-sale debt securities with fair value option election |  |  | — |  |  |  | 18,865 |  |  |  | — |  |  |  | 18,865 |
Private Placement Warrants |  |  | — |  |  |  | — |  |  |  | 15,053 |  |  |  | 15,053 |
Asset purchase agreement liability |  |  | — |  |  |  | — |  |  |  | 7,567 |  |  |  | 7,567 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents - Money Market Funds |  | $ | 127 |  |  | $ | — |  |  | $ | — |  |  | $ | 127 |
Cash and Cash Equivalents - Trading debt securities |  |  | — |  |  |  | 79,425 |  |  |  | — |  |  |  | 79,425 |
Short term investments - Trading debt securities |  |  | — |  |  |  | 3,954 |  |  |  | — |  |  |  | 3,954 |
Private Placement Warrants |  | $ | — |  |  | $ | — |  |  | $ | 7,053 |  |  | $ | 7,053 |
Schedule of fair value warrants estimated using the Black-Scholes option-pricing model |
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Values |  |  | Values |
Stock Price |  | $ | 7.49 |  |  | $ | 4.45 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |
Holding Period/Term (years) |  |  | 2.07 |  |  |  | 2.82 |
Volatility |  |  | 108.00 | % |  |  | 66.90 | %
Expected dividends |  |  | None |  |  |  | None |
Risk-Free Rate |  |  | 3.65 | % |  |  | 4.05 | %
Fair value of warrants |  | $ | 3.55 |  |  | $ | 0.91 |
Schedule of assumption used in valuing the First Noncash consideration of asset purchase agreement liability to be settled in shares |
|  | September 30, 2024 |
|  | Values |
20-day volume weighted average price |  | $ | 7.42 |
Stock price |  | $ | 7.49 |
Schedule of liabilities measured at fair value |
Warrants: |  | (in thousands) |
Balance as of December 31, 2023 |  | $ | 7,053 |
Fair value adjustment of Private Placement Warrants |  |  | 19,523 |
Reclassification of warrant liability to common stock warrants |  |  | (11,523 | )
Balance as of September 30, 2024 |  | $ | 15,053 |
Asset Purchase Agreement Liability: |  | (in thousands) |
Balance as of December 31, 2023 |  | $ | — |
Initial recognition of asset purchase agreement liability |  |  | 9,784 |
Fair value adjustment of asset purchase agreement liability |  |  | (2,217 | )
Balance as of September 30, 2024 |  | $ | 7,567 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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