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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis

The following table presents information regarding the Company’s financial liabilities that were measured at fair value on a recurring basis:

		September 30, 2024
(in thousands)		Level 1				Level 2				Level 3				Total
Liabilities:
Earnout liability		$	—			$	—			$	16,455			$	16,455

		December 31, 2023
(in thousands)		Level 1				Level 2				Level 3				Total
Liabilities:
Earnout liability		$	—			$	—			$	41,100			$	41,100

Summary of Significant Inputs Used to Measure Fair Value of Level 3 Earnout Liability

The following table provides the significant inputs used to measure the fair value of the level 3 earnout liability related to the Business Combination Agreement:

		As of
		September 30, 2024				December 31, 2023
Stock price		$	5.58			$	4.94
Risk-free rate			3.5	%			4.0	%
Volatility			82.5	%			65.0	%
Term (in years)			2.7				3.9

The following table provides the significant inputs used to measure the fair value of the level 3 earnout liability related to the acquisition of Simpatra:

		As of
		September 30, 2024
Stock price		$	5.58
Risk-free rate			3.6	%
Equity volitility			64.0	%
Revenue volitility			48.7	%
Revenue discount rate			14.2	%
Correlation factor			5.0	%
Term (in years)			3.3

Changes in Fair Value of Level 3 Financial Instruments

Changes in the fair value of the Company’s Level 3 financial instruments were as follows:

(in thousands)		Earnout Liability
Fair value as of December 31, 2023		$	41,100
Fair value of earnout related to acquisitions			855
Settlements			(44,325	)
Loss from change in fair value			18,825
Fair value as of September 30, 2024		$	16,455

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Schedule of changes in the fair value of warrant liabilities.

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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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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