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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Measurements [Abstract] |
Schedule of Assets that are Measured at Fair Value on a Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that are measured at fair value, on a recurring basis (in thousands):
|  | As of March 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Carlyle warrants |  | $ | — |  |  | $ | — |  |  | $ | 3,086 |  |  | $ | 3,086 |
Public warrants |  |  | 437 |  |  |  | — |  |  |  | — |  |  |  | 437 |
Private placement warrants |  |  | — |  |  |  | 318 |  |  |  | — |  |  |  | 318 |
Working capital warrants |  |  | — |  |  |  | 36 |  |  |  | — |  |  |  | 36 |
Replacement warrants |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Forward purchase agreement liabilities |  |  | — |  |  |  | — |  |  |  | 9,409 |  |  |  | 9,409 |
SAFE Agreements |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | 5,000 |
Total |  | $ | 437 |  |  | $ | 354 |  |  | $ | 17,500 |  |  | $ | 18,291 |
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carlyle warrants |  | $ | — |  |  | $ | — |  |  | $ | 9,515 |  |  | $ | 9,515 |
Public warrants |  |  | 167 |  |  |  | — |  |  |  | — |  |  |  | 167 |
Private placement warrants |  |  | — |  |  |  | 122 |  |  |  | — |  |  |  | 122 |
Working capital warrants |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 14 |
Replacement warrants |  |  | – |  |  |  | – |  |  |  | 1,310 |  |  |  | 1,310 |
Forward purchase agreement liabilities |  |  | — |  |  |  | — |  |  |  | 3,831 |  |  |  | 3,831 |
Total |  | $ | 167 |  |  | $ | 136 |  |  | $ | 14,656 |  |  | $ | 14,959 |
Schedule of Warrants Based on a Black Scholes Option Pricing Method | The Company valued the warrants based on a Black-Scholes Option Pricing Method, which included the following inputs:
|  | March 31, 2024 |  |  | December 31, 2023 |
Expected term |  |  | 7.0 years |  |  |  | 7.0 years |
Expected volatility |  |  | 77.0 | % |  |  | 77.0 | %
Risk-free interest rate |  |  | 3.92 | % |  |  | 3.92 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
|  | March 31, 2024 |  |  | December 31, 2023 |
Expected term |  |  | 0.08 years |  |  |  | 0.3 years |
Expected volatility |  |  | 78.5 | % |  |  | 78.5 | %
Risk-free interest rate |  |  | 5.49 | % |  |  | 5.4 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Expected Volatility is Determined Based on the Historical Equity Volatility | The FPA liabilities are measured at fair value on a recurring basis using a Monte Carlo simulation analysis. The expected volatility is determined based on the historical equity volatility of comparable companies over a period that matches the simulation period, which included the following inputs:
|  | March 31, 2024 |  |  | December 31, 2023 |
Common stock trading price |  | $ | 0.59 |  |  | $ | 1.66 |
Simulation period |  |  | 1.30 years |  |  |  | 1.55 years |
Risk-free interest rate |  |  | 4.90 | % |  |  | 4.48 | %
Volatility |  |  | 112.0 | % |  |  | 95.0 | %

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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://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 + 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://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 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + 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 + Details
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