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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Fair Value Measurement | The following table presents information about the Company’s assets and liabilities measured and reported in the financial statements at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Balance
Assets: |  |  |  |  |  |  |
Money market funds | $ | 15,232 |  | $ | — |  | $ | — |  | $ | 15,232
Total assets | $ | 15,232 |  | $ | — |  | $ | — |  | $ | 15,232
Liabilities: |  |  |  |  |  |  |
SBG Public Warrants | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 18 |
SBG Private Placement Warrants | — |  |  | — |  |  | 10 |  |  | 10 |
Series A Warrants | — |  | — |  | 19,986 |  | 19,986
Series B Warrants | — |  | — |  | 4,415 |  | 4,415
Total liabilities | $ | — |  | $ | — |  | $ | 24,429 |  | $ | 24,429
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Balance
Assets: |  |  |  |  |  |  |
Money market funds | $ | 16,489 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,489 |
Total assets | $ | 16,489 |  | $ | — |  | $ | — |  | $ | 16,489
Liabilities: |  |  |  |  |  |  |
SBG Public Warrants | $ | — |  |  | $ | — |  |  | $ | 61 |  |  | $ | 61 |
SBG Private Placement Warrants | — |  | — |  | 35 |  | 35
Series A Warrants | $ | — |  | $ | — |  | $ | 27,685 |  | $ | 27,685
Total liabilities | $ | — |  | $ | — |  | $ | 27,781 |  | $ | 27,781
Schedule of Black-Scholes Option Pricing Model Assumptions | The Company measured the fair value of both the SBG Public Warrants and the SBG Private Placement Warrants as of June 30, 2024 and December 31, 2023 using the Black-Scholes option pricing model with the following assumptions:
SBG Common Stock Warrants - Black-Scholes Inputs | June 30, 2024 |  | December 31, 2023
OWLT stock price | $ | 4.12 |  |  | $ | 5.28 |
Exercise price of warrants | $ | 161.00 |  |  | $ | 161.00 |
Term in years | 2.04 |  | 2.54
Risk-free interest rate | 4.70 | % |  | 4.11 | %
Volatility | 90.00 | % |  | 85.00 | %
The Company measured the fair value of the Series A Warrants as of June 30, 2024 and December 31, 2023, using the Black-Scholes option pricing model with the following assumptions:
Series A Warrants - Black-Scholes Inputs | June 30, 2024 |  | December 31, 2023
OWLT stock price | $ | 4.12 |  |  | $ | 5.28 |
Exercise price of warrants | $ | 4.66 |  |  | $ | 4.66 |
Term in years | 3.63 |  | 4.13
Risk-free interest rate | 4.46 | % |  | 3.91 | %
Volatility | 90.00 | % |  | 85.00 | %
The Series B Warrants are presented as Level 3 measurements, relying on unobservable inputs reflecting the Company’s own assumptions. Level 3 measurements, which are not based on quoted prices in active markets, introduce a higher degree of subjectivity and may be more sensitive to fluctuations in stock price, volatility rates, and U.S. Treasury Bond rates. The Company measured the fair value of the Series B Warrants at issuance and again as of June 30, 2024, using the Black-Scholes option pricing model with the following assumptions:
Series B Warrants - Black-Scholes Inputs | June 30, 2024 |  | February 29, 2024
OWLT stock price | $ | 4.12 |  |  | $ | 5.68 |
Exercise price of warrants | $ | 7.71 |  |  | $ | 7.71 |
Term in years | 4.66 |  | 5.00
Risk-free interest rate | 4.36 | % |  | 4.26 | %
Volatility | 90.00 | % |  | 90.00 | %
The Company measured the fair value of the SVB Warrants (see Note 4) at issuance as of March 27, 2023, using the Black-Scholes option pricing model with the following assumptions:
SVB Warrants - Black-Scholes Inputs | March 27, 2023
OWLT stock price | $ | 4.62 |
Exercise price of warrants | $ | 5.32 |
Term in years | 12.00
Risk-free interest rate | 3.60 | %
Volatility | 85.00 | %
Reconciliation of Preferred Stock Warrant Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents a reconciliation of the Company’s SBG Public Warrants, SBG Private Placement Warrants, Series A Warrants, and Series B Warrants (together, the “Level 3 Warrants”) measured at fair value on a recurring basis as of June 30, 2024:
| Level 3 Warrants
Balance as of December 31, 2023 | $ | 27,781 |
Issuance of Series B Warrants | 6,855 |
Change in fair value included within common stock warrant liability adjustment | (10,207) |
Balance as of June 30, 2024 | $ | 24,429 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: 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 3: 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 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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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