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WARRANT LIABILITY | 6 Months Ended
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Jun. 30, 2024
WARRANT LIABILITY [Abstract] |
WARRANT LIABILITY |
Note 10 | WARRANT LIABILITY
In conjunction with the business combination with Helix, outstanding warrants to purchase Helix common stock were converted to warrants to purchase Company common stock. As the warrant holders have the option to receive cash in lieu of common stock in certain circumstances, the Company determined that the warrants require classification as a liability pursuant to ASC 815-40. In accordance with the applicable accounting guidance, the outstanding warrants are recognized as a warrant liability on the condensed consolidated balance sheet and were measured at their inception date fair value (the closing date of the business combination with Helix) and subsequently remeasured to fair value at each reporting period with changes being recorded in the condensed consolidated statements of operations. As of June 30, 2024 and 2023, the Company had 9,375 and 55,121 warrants outstanding classified as liabilities, respectively. During the six months ended June 30, 2024 and 2023, 41,579 and 36,936 warrants expired, respectively. The fair value of the Company’s warrant liability, measured at Level 3 in the fair value hierarchy, was calculated using the Black-Scholes model using the following inputs:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
Fair value of Company's common stock |  | $ | 2.65 |  |  | $ | 2.93 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 80% |  |  |  | 68% - 83% |
Risk free interest rate |  |  | 5.00% |  |  |  | 5.06% - 5.54% |
Expected life (years) |  |  | 0.30 |  |  |  | 0.30 |
Exercise price |  | $ | 8.70 - $28.00 |  |  | $ | 8.00 - $28.00 |
Fair value of financial instruments - warrants |  | $ | 20 |  |  | $ | 563 |
The following table summarizes the change in fair value of the Company’s financial instruments – warrants, measured at Level 3 in the fair value hierarchy:
|  | Amount |
Balance as of January 1, 2024 |  | $ | 563 |
Change in fair value of warrant liability |  |  | (543 | )
Balance as of June 30, 2024 |  | $ | 20 |
|  | Amount |
Balance as of January 1, 2023 |  | $ | 4,547 |
Change in fair value of warrant liability |  |  | (2,494 | )
Balance as of June 30, 2023 |  | $ | 2,053 |
|  | Amount |
Balance as of April 1, 2024 |  | $ | 450 |
Change in fair value of warrant liability |  |  | (430 | )
Balance as of June 30, 2024 |  | $ | 20 |
|  | Amount |
Balance as of April 1, 2023 |  | $ | 10,106 |
Change in fair value of warrant liability |  |  | (8,053 | )
Balance as of June 30, 2023 |  | $ | 2,053 |

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- References No definition available. + Details
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- Definition The entire disclosure for warrant liability. Includes liability account in which a company records the amount of the repair or replacement cost that it expects to incur for products already shipped or services already provided. + References No definition available. + Details
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