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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value of Financial Assets and Liabilities - Derivative Instruments |
Schedule of assets and liabilities measured at fair value | The financial assets and liabilities measured and recognized at fair value were as follows as of June 30, 2024 and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2024
​ | ​ | Total | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3
Investments in money market fund – financial assets, included in cash and cash equivalents | $ | 21,102 | ​ | $ | 21,102 | ​ | $ | — | ​ | $ | —
Convertible debt– financial liabilities | ​ | 48,261 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,261
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023
​ | ​ | Total | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3
Convertible debt– financial liabilities | $ | 58,633 | ​ | $ | — | ​ | $ | — | ​ | $ | 58,633
Schedule of Fair Value Measurements | The Company estimated the fair value of its convertible debt using the following inputs as of June 30, 2024 and December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | ​ | December 31, 2023
Discount rate | ​ | 28.28% | ​ | ​ | 21.01%
Probabilities of settlement scenarios | ​ | 0%-75% | ​ | ​ | 0%-75%
Volatility | ​ | 111.6% | ​ | ​ | 120.3%
Expected term (in years) | ​ | 0.26-0.54 | ​ | ​ | 0.16-1.04
Risk-free rate | ​ | 5.18%-5.33% | ​ | ​ | 4.66%-5.36%
Schedule of Changes in Fair Value of Liabilities | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended
​ | ​ | June 30, 2024 | ​ | ​ | June 30, 2023
Convertible debt opening balance | $ | 58,633 | ​ | $ | —
Issuance of the convertible debt | ​ | — | ​ | ​ | 29,226
Change in fair value |  | (10,372) | ​ | ​ | (2,874)
Convertible debt closing balance | $ | 48,261 | ​ | $ | 26,352
​

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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 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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -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 (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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