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Fair Value of Measurements (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Fair Value of Measurements |  |
Schedule of classifications of the financial instruments that are measured at fair value on a recurring basis | Fair value hierarchy classifications of the financial instruments that are measured at fair value on a recurring basis are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible promissory notes | ​ | $ | — | ​ | $ | — | ​ | $ | 10,317 | ​ | $ | 10,317
Warrant liabilities | ​ |  | — | ​ |  | — | ​ |  | 10,584 | ​ |  | 10,584
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible promissory notes | ​ | $ | — | ​ | $ | — | ​ | $ | 34,033 | ​ | $ | 34,033
| ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Convertible promissory notes | ​ | $ | — | ​ | $ | — | ​ | $ | 34,033 | ​ | $ | 34,033
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Convertible promissory notes | ​ | $ | — | ​ | $ | — | ​ | $ | 31,166 | ​ | $ | 31,166
Schedule of valuation techniques and inputs used in the fair value measurement | The table below presents valuation techniques and inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Valuation techniques |  | Inputs |  | March 31, 2024 |  | December 31, 2023
Convertible promissory notes, current |  | Discounted Cash Flow Model (“DCF”) |  | Discount rate, risk-free rate, credit spread, contractual cash flows | ​ | $ | 5,645 | ​ | ​ | ​
​ | ​ | PWERM (“Probability-Weighted Expected Return Method”) | ​ | Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”) | ​ | ​ | ​ | ​ | $ | 27,794
Convertible promissory notes, net of current |  | Binomial Lattice Model (“BLM”) |  | Stock price, volatility, remaining term, risk-free rate, credit spread | ​ |  | 4,672 | ​ |  | ​
​ | ​ | PWERM | ​ | Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”) | ​ | ​ | ​ | ​ | ​ | 6,239
Warrant liabilities – private and public warrants |  | Black Scholes Merton Model (“BSM”) or BLM |  | Exercise price, term to expiration, volatility, risk-free rate | ​ |  | 9,150 | ​ |  | —
Warrant liabilities - other |  | ​ | ​ | ​ | ​ |  | 1,434 |  | ​ | —
| ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Valuation techniques |  | Inputs |  | 2023 |  | 2022
Convertible promissory notes, current |  | PWERM |  | Scenario of initial public offering (“IPO”) and merger & acquisition (“M&A”) | ​ | $ | 27,794 | ​ | $ | 31,166
Convertible promissory notes, net of current |  | ​ |  | ​ | ​ |  | 6,239 | ​ |  | —
Schedule of changes in the fair value of the Company's Level 3 financial liabilities | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
​ |  | 2024 |  | 2023
Convertible promissory notes fair value - beginning of period | ​ | $ | 34,033 | ​ | $ | 31,166
Change in fair value of convertible promissory notes | ​ |  | 1,203 | ​ |  | (549)
Conversion of convertible promissory notes | ​ |  | (41,209) | ​ |  | —
Borrowing of convertible promissory notes | ​ |  | 16,290 | ​ |  | —
Convertible promissory notes fair value - end of period | ​ | $ | 10,317 | ​ | $ | 30,617
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
​ |  | 2024 |  | 2023
Warrant Liabilities Fair value - beginning of period | ​ | $ | — | ​ | $ | —
Private and public warrants assumed at Closing | ​ |  | 5,958 | ​ |  | —
Change in fair value of warrant liabilities | ​ |  | 4,626 | ​ |  | —
Warrant Liabilities Fair value - end of period | ​ | $ | 10,584 | ​ | $ | —
| ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2023 |  | 2022
Fair value as of beginning of period | ​ | $ | 31,166 | ​ | $ | 56,996
Change in fair value of convertible promissory notes | ​ |  | 1,428 | ​ |  | 450
Conversion of convertible promissory notes | ​ |  | (61) | ​ |  | (33,140)
Repayment of convertible promissory notes | ​ |  | (500) | ​ |  | (1,140)
Transfer of convertible promissory notes to bank borrowings | ​ |  | — | ​ |  | (1,000)
Borrowing of convertible promissory notes | ​ |  | 2,000 | ​ |  | 9,000
Fair value as of end of period | ​ | $ | 34,033 | ​ | $ | 31,166

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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