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Fair Value Measurements (Tables)

6 Months Ended

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			—		%

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

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

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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

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- References

No definition available.

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