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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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:
| Fair Value Measurements at December 31, 2023
(In thousands) | 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 |
| Fair Value Measurements at December 31, 2022
(In thousands) | 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 |
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:
| Fair Value Measurements at June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market mutual funds | $ | 1,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,750 |
Investments in Securities | 842 |  |  | 68,589 |  |  | — |  |  | 69,431 |
| $ | 2,592 |  |  | $ | 68,589 |  |  | $ | — |  |  | $ | 71,181 |
Liabilities: |  |  |  |  |  |  |
Warrant liability - public warrants | $ | 1,399 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,399 |
Warrant liability - private placement warrants | — |  |  | 2,405 |  |  | — |  |  | 2,405 |
Warrant liability - penny warrants | — |  |  | — |  |  | 1,422 |  |  | 1,422 |
| $ | 1,399 |  |  | $ | 2,405 |  |  | $ | 1,422 |  |  | $ | 5,226 |
| Fair Value Measurements at December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market mutual funds | $ | 887 |  |  | $ | — |  |  | $ | — |  |  | $ | 887 |
Investments in Securities | 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 |
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 | %
The fair value of the Penny Warrant liability as of March 4, 2024 and June 30, 2024 was determined utilizing a Monte Carlo simulation valuation method, using the following inputs and assumptions:
$ in thousands, except for Stock price, Strike price, and share amounts | March 4, 2024
Warrant Shares | 1,304,907 |
Aggregate Value Cap | $ | 11,250 |
Stock price | $ | 15.49 |
Strike price | $ | 0.01 |
Term (in years) | 5 years
Volatility | 95.0 | %
Risk free rate | 4.2 | %
Dividend Rate | — | %
$ in thousands, except for Stock price, Strike price, and share amounts | June 30, 2024
Warrant Shares | 1,270,242 |
Aggregate Value Cap | $ | 11,250 |
Stock price | $ | 4.03 |
Strike price | $ | 0.01 |
Term (in years) | 4.7 years
Volatility | 115.0 | %
Risk free rate | 4.4 | %
Dividend Rate | — | %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 | $ | — |

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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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + 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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