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Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables provide the fair value measurement hierarchy of our assets and liabilities:
As of December 31, 2024Fair value measurement using
Financial instrumentsQuoted prices
in active
markets
(Level 1)		Significant
observable
inputs (Level 2)		Significant
unobservable
inputs (Level 3)
Assets
OS Warrants$— $— $322 
Liabilities
$8.63 Warrants liability
$3,028 $— $— 
PIPE Warrant liability— — 471 
Liberty Warrants and Liberty Advisory Fee Warrant liability— — 8,012 
Total Warrant Liabilities$3,028 $— $8,483 
Sponsor Earnout liability$— $— $1,501 
Secured Convertible Notes$— $— $79,070 
As of December 31, 2023Fair value measurement using
Financial instrumentsQuoted prices
in active
markets
(Level 1)		Significant
observable
inputs (Level 2)		Significant
unobservable
inputs (Level 3)
Liabilities
$8.63 Warrants liability
$681 $— $— 
PIPE Warrant liability— — 97 
Liberty Warrants and Liberty Advisory Fee Warrant liability— — 2,017 
Total Warrant Liabilities$681 $— $2,114 
Sponsor Earnout Liability$— $— $419 
The following methods and assumptions were used to estimate the fair values at December 31, 2024:
•The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other liabilities are considered to approximate their fair values due to the short-term nature of these items.

•The volatility assumption is based on the historical volatility of the Company’s and OS’s stock prices and the risk free rate of return assumption is based on market rates. An increase in volatility and or the risk free rate of return would result in higher values for the Company’s stock warrants and the OS stock warrants that are valued using the Black-Scholes option pricing model.

•The fair values of the OS stock warrant investment assets have been estimated using the Black-Scholes model. Significant unobservable inputs include:
◦Time to expiry: 1 year
◦Volatility: 18.6%
◦Risk free rate of return: 4.2%

•The fair values of the $8.63 Warrants were determined using the quoted prices in the active warrant market.
•The fair values of the PIPE Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:
◦Time to expiry: 2.1 years
◦Volatility: 82.5%
◦Risk free rate of return: 4.2%

•The fair values of the Liberty Warrants and Liberty Advisory Fee Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:
◦Time to expiry: 2.1 years
◦Volatility: 82.5%
◦Risk free rate of return: 4.2%
•The fair value of the Sponsor Earnout has been estimated using the Monte Carlo model. Significant unobservable inputs include:
◦Time to expiry: 2.1 years
◦Volatility: 82.5%
◦Risk free rate of return: 4.2%

•The fair values of the Secured Convertible Notes is determined by using the “with” method. At each measurement date we valued the Secured Convertible Notes with the conversion option. The difference between the aggregate fair value of the Secured Convertible Notes and the unpaid principal balance was $50.6 million at December 31, 2024. Inputs used for the fair value measurement include:
◦Credit spread – 23.60% to 36.10%
◦Volatility: 50%
◦Risk free rate of return: 4.3%

Changes in the fair value of Level 3 assets during the years ended December 31, 2024 and 2023 were as follows:

OS warrants
At December 31, 2023$— 
Remeasurement gain/(loss)(1)
322 
At December 31, 2024$322 
(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024.

Changes in the fair value of Level 3 liabilities during the years ended December 31, 2024 and 2023 were as follows:
Liberty Warrants and Liberty Advisory Fee WarrantPIPE WarrantSponsor EarnoutSecured Convertible Notes
At January 1, 2023$6,191 $311 $1,353 $— 
Remeasurement (gain)/loss(1)
(4,174)(214)(934)— 
At December 31, 20232,017 97 419 — 
Issues— — — 30,000 
Interest payments— — — (1,525)
Remeasurement (gain)/loss(1)
5,995 374 1,082 50,595 
At December 31, 2024$8,012 $471 $1,501 $79,070 
(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023, respectively.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2024 or 2023.