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Fair Value (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of assumption used in valuing the First Noncash consideration of asset purchase agreement liability to be settled in shares.

+ References

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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

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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

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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

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