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Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

At June 30, 2024 and December 31, 2023, the Company’s assets and liabilities measured at fair value on a recurring basis were as follow:

		June 30, 2024																December 31, 2023
		Fair Value Measurements Using Input Types																Fair Value Measurements Using Input Types
(In thousands)		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	4			$	—			$	—			$	4			$	4			$	—			$	—			$	4
Total assets		$	4			$	—			$	—			$	4			$	4			$	—			$	—			$	4
Liabilities:
Warrant liabilities - January 2022 warrants		$	—			$	—			$	—			$	—			$	—			$	—			$	1			$	1
Warrant liabilities - March 2022 warrants			—				—				1				1				—				—				7				7
Warrant liabilities - August 2022 warrants			—				—				3				3				—				—				18				18
Warrant liabilities - December 2022 warrants			—				—				499				499				—				—				1,264				1,264
Total liabilities		$	—			$	—			$	503			$	503			$	—			$	—			$	1,290			$	1,290

Schedule of Company’s Assumptions Used in the Valuations

The following table summarizes the Company’s assumptions used in the valuations as of June 30, 2024 and December 31, 2023:

		January 2022 Warrants				March 2022 Warrants				August 2022 Warrants				December 2022 Warrants				January 2022 Warrants				March 2022 Warrants				August 2022 Warrants				December 2022 Warrants
		June 30, 2024																December 31, 2023
Stock price		$	0.45			$	0.45			$	0.45			$	0.45			$	1.26			$	1.26			$	1.26			$	1.26
Exercise price		$	1,496			$	430			$	246			$	0.38			$	1,496			$	430			$	246			$	3.45
Expected term (in Years)			3.07				3.63				3.63				3.63				3.57				4.13				4.13				4.13
Volatility			137.00	%			137.00	%			137.00	%			137.00	%			138.00	%			136.00	%			136.00	%			136.00	%
Discount rate - treasury yield			4.51	%			4.46	%			4.46	%			4.46	%			3.96	%			3.91	%			3.91	%			3.91	%

Schedule of Changes in the Fair Value of the Level 3 Warrant Liabilities

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the six months ended June 30, 2024 and for the year ended December 31, 2023:

(In thousands)		Six months ended June 30, 2024				For the year ended December 31, 2023
Warrant liabilities – beginning of period		$	1,290			$	5,985
Initial fair value of issued warrant liabilities			5,599				—
Reclassification of warrant liabilities to equity			(6,791	)			—
Change in estimated fair value			404				(4,695	)
Warrant liabilities –end of period		$	503			$	1,290

X

- 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
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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

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-Topic 820
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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
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