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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements using significant unobservable inputs | The table below presents activity within Level 3 of the fair value hierarchy and the Company’s liabilities carried at fair value for the year ended December 31, 2023:
| Level 3
| Contingent Liabilities |  | Warrant Liabilities |  | Total
Balance at January 1, 2023 | $ | 1,280 |  |  | $ | — |  |  | $ | 1,280 |
Fair value of warrant liabilities issued | — |  |  | 4,940 |  |  | 4,940 |
Total change in exchange rate | 46 |  |  | — |  |  | 46 |
Fair value adjustment | (330) |  |  | 1,688 |  |  | 1,358 |
Change due to warrant exercise | — |  |  | (1,080) |  |  | (1,080) |
Balance at December 31, 2023 | $ | 996 |  |  | $ | 5,548 |  |  | $ | 6,544 |
Fair value assumptions | The fair value of the preferred and common warrants at December 31, 2023 and March 29, 2023 was determined by using option pricing models assuming the following:
| March 29, 2023 |  | December 31, 2023
Risk free interest rate | 3.80% - 4.80% |  | 4.09%
Expected term (years) | 0.5 - 3.0 |  | 2.3
Expected volatility | 70% - 75% |  | 70%
Expected dividends | 0.00% |  | 0.00%
Assets and liabilities measured at fair value | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of December 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.
|  | December 31, 2023 |  | December 31, 2022
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 392 |  |  | $ | — |  |  | $ | — |  |  | $ | 392 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agency bonds |  | — |  |  | 19,808 |  |  | — |  |  | 19,808 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Assets |  | 392 |  | $ | 19,808 |  |  | $ | — |  |  | $ | 20,200 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Liability |  | $ | — |  |  | $ | — |  |  | $ | 996 |  |  | $ | 996 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,280 |  |  | $ | 1,280 |
Warrant Liabilities |  | — |  |  | — |  |  | 5,548 |  |  | 5,548 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Liabilities |  | $ | — |  |  | $ | — |  |  | $ | 6,544 |  |  | $ | 6,544 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,280 |  |  | $ | 1,280 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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