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Fair Value Measurements (Tables)

12 Months Ended

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

X

- 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
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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.

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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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-Paragraph 3
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