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Redeemable Convertible Preferred Stock and Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Summary of Designated and Outstanding Redeemable Convertible Preferred Stock

As of December 31, 2023, the designated and outstanding redeemable convertible preferred stock are as follows:

		Number of				Number of								Liquidation				Net Carrying
		Shares				Shares Issued				Liquidation				Preference				Value
Series		Authorized				and Outstanding				Preference				per Share				(in thousands)
Seed			3,130,799				1,218,208			$	1,003,000			$	0.8233			$	1,003
A			7,778,774				3,026,755				13,488,394				4.4564				9,149
B			12,115,096				4,648,714				35,581,190				7.6540				35,396
C-1			22,973,771				8,837,401				101,523,315				11.4900				100,876
C-NV			626,398				86,565				994,459				11.4900				988
Total			46,624,838				17,817,643			$	152,590,358							$	147,412

As of September 30, 2024, the designated and outstanding redeemable convertible preferred stock are as follows:

		Number of				Number of								Liquidation				Net Carrying
		Shares				Shares Issued				Liquidation				Preference				Value
Series		Authorized				and Outstanding				Preference				per Share				(in thousands)
Seed			3,130,799				1,218,208			$	1,003,000			$	0.8233			$	1,003
A			7,778,774				3,026,755				13,488,394				4.4564				9,149
B			12,115,096				4,648,714				35,581,190				7.6540				35,396
C-1			23,180,706				8,837,401				101,523,315				11.4900				100,876
C-NV			626,398				86,565				994,459				11.4900				988
Total			46,831,773				17,817,643			$	152,590,358							$	147,412

Summary of Warrants

		Series B				Series C-1				Total warrants
Balance December 31, 2023			45,726				15,228				60,954
Exercise price per warrant		$	7.6540			$	11.49
Warrants issued			—				41,345				41,345
Balance September 30, 2024			45,726				56,573				102,299
Exercise price per warrant		$	7.6540			$	11.49

Summary of Fair Value Activity for Warrant Liability

The following table presents the fair value activity for the warrant liability (in thousands):

Balance December 31, 2022		$	382			Balance December 31, 2023		$	334
Issuance of warrants		—				Issuance of warrants			304
Changes in fair value of warrants		—				Changes in fair value of warrants			417
Balance, September 30, 2023		$	382			Balance September 30, 2024		$	1,055

X

- 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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