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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities | The following table presents the Company’s fair value hierarchy for financial assets and liabilities:
|  | Fair Value Measurements as of December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 2,381 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,381 |
Private Placement Warrants |  |  | — |  |  |  | — |  |  |  | 1,723 |  |  |  | 1,723 |
Earnout liability |  |  | — |  |  |  | — |  |  |  | 32,110 |  |  |  | 32,110 |
|  | Fair Value Measurements as of May 26, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 5,397 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,397 |
Private Placement Warrants |  |  | — |  |  |  | — |  |  |  | 3,834 |  |  |  | 3,834 |
Earnout liability |  |  | — |  |  |  | — |  |  |  | 93,880 |  |  |  | 93,880 |
Summary of Significant Inputs to Monte Carlo Simulation for Fair Value of Private Placement Warrants and Earnout Liability | The following table provides the significant inputs to the Monte Carlo simulation for the fair value of the Private Placement Warrants as of December 31, 2022 and the Closing Date:
|  | As of |
|  | December 31, 2022 |  |  | May 26, 2022 |
Stock price |  | $ | 3.73 |  |  | $ | 9.02 |
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Risk-free rate |  |  | 4.0 | % |  |  | 2.7 | %
Volatility |  |  | 42.2 | % |  |  | 13.4 | %
Term (in years) |  |  | 4.4 |  |  |  | 5.0 |
The following table provides the significant inputs to the Monte Carlo simulation for the fair value of the Earnout liability as of December 31, 2022 and the Closing Date, the date of initial measurement:
|  | As of |
|  | December 31, 2022 |  |  | May 26, 2022 |
Stock price |  | $ | 3.73 |  |  | $ | 9.02 |
Risk-free rate |  |  | 4.1 | % |  |  | 2.7 | %
Volatility |  |  | 70.0 | % |  |  | 60.0 | %
Term (in years) |  |  | 4.4 |  |  |  | 5.0 |
Summary of Changes in the Fair Value of Company's Level 3 Financial Instruments | The following table presents the changes in fair value of the Company’s Level 3 financial instruments that are measured at fair value as of December 31, 2022 and the Closing Date, the date of initial measurement:
|  | Private Placement Warrants |  |  | Earnout Liability |  |  | Total |
Fair value as of May 26, 2022 (initial measurement) |  | $ | 3,834 |  |  | $ | 93,880 |  |  | $ | 97,714 |
Gain from change in fair value |  |  | (2,111 | ) |  |  | (61,770 | ) |  |  | (63,881 | )
Fair value as of December 31, 2022 |  | $ | 1,723 |  |  | $ | 32,110 |  |  | $ | 33,833 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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