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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

(in thousands)			Fair Value Measurements at December 31, 2023
			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market mutual funds			$	887					$	—					$	—					$	887
Short-term investments			849						70,381						—						71,230
			$	1,736					$	70,381					$	—					$	72,117
Liabilities:
Warrant liability - public warrants			$	1,555					$	—					$	—					$	1,555
Warrant liability - private placement warrants			—						953						—						953
			$	1,555					$	953					$	—					$	2,508

(in thousands)			Fair Value Measurements at December 31, 2022
			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market mutual funds			$	515					$	—					$	—					$	515
Short-term investments			—						69,448						—						69,448
			$	515					$	69,448					$	—					$	69,963
Liabilities:
Derivative liability			$	—					$	—					$	971					$	971
			$	—					$	—					$	971					$	971

Schedule of Valuation Assumptions

The fair value of the derivative liability as of October 17, 2022 and December 27, 2023 was determined using the following assumptions:

			October 17, 2022
Exchange closing price			$	9.82
Contractual conversion price			$	10.00
Risk-free rate			4.3		%
Estimated volatility			4.5		%

			December 27, 2023
Exchange closing price			$	11.98
Contractual conversion price			$	10.00
Risk-free rate			5.6		%
Estimated volatility			15.1		%

Schedule of Change in Fair Value of Derivative Liability

The following table shows the change in the fair value of the derivative liability for the year ended December 31, 2023 and December 31, 2022:

(in thousands)			Amount
Balance as of December 31, 2021			$	—
Issuance of derivative instrument			$	1,441
Change in fair value of derivative liability			$	(470)
Balance as of December 31, 2022			$	971
Change in fair value of derivative liability			14,589
Derecognition of derivative liability			$	(15,560)
Balance as of December 31, 2023			$	—

X

- 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

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-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

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: 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

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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
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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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
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