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Fair Value of Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

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