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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of assets and liabilities that are measured at fair value on a recurring basis | The following table presents the Company’s fair value hierarchy for its assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 (in thousands):
| Fair Value Measurement as of
| March 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 39,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,298 |
Total assets | $ | 39,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,298 |
Liabilities: |  |  |  |  |  |  |
FPA Put Option liability | $ | — |  |  | $ | — |  |  | $ | 50,192 |  |  | $ | 50,192 |
Fixed Maturity Consideration | — |  |  | — |  |  | 7,604 |  |  | 7,604 |
Brookfield SAFE liability | — |  |  | — |  |  | 15,475 |  |  | 15,475 |
Private placement warrants | — |  |  | — |  |  | 2,148 |  |  | 2,148 |
Public warrants | 1,864 |  |  | — |  |  | — |  |  | 1,864 |
Total liabilities | $ | 1,864 |  |  | $ | — |  |  | $ | 75,419 |  |  | $ | 77,283 |
| Fair Value Measurement as of
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 28,058 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,058 |
Liabilities: |  |  |  |  |  |  |
FPA Put Option liability | — |  |  | — |  |  | 37,523 |  |  | 37,523 |
Fixed Maturity Consideration | — |  |  | — |  |  | 7,228 |  |  | 7,228 |
Brookfield SAFE liability | — |  |  | — |  |  | 25,150 |  |  | 25,150 |
Private placement warrants | — |  |  | — |  |  | 3,915 |  |  | 3,915 |
Public warrants | 3,699 |  |  | — |  |  | — |  |  | 3,699 |
Total Liabilities | $ | 3,699 |  |  | $ | — |  |  | $ | 73,816 |  |  | $ | 77,515 |
Summary of quantitative information regarding Level 3 fair value measurement inputs | The following table represents the weighted average inputs used in calculating the fair value of the prepaid forward contract and the Fixed Maturity Consideration as of March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023
Stock price | $ | 3.10 |  | $ | 5.03
Term (in years) | 1.86 |  | 2.11
Expected volatility | 50.0 | % |  | 50.0 | %
Risk-free interest rate | 4.60 | % |  | 4.16 | %
Expected dividend yield | — | % |  | — | %
Significant inputs for Level 3 Brookfield SAFE measurement at March 31, 2024 and December 31, 2023 are as follows:
| March 31, 2024 |  | December 31, 2023
Initial purchase amount | $ | 50,000 |  |  | $ | 50,000 |
Liquidity price | $ | 10.00 |  |  | $ | 10.00 |
Stock price | $ | 3.10 |  |  | $ | 5.03 |
The following table represents the weighted average inputs used in calculating the fair value of the Private Placement Warrants outstanding as of March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023 |
Stock price | $ | 3.10 |  | $ | 5.03 |
Exercise price | $ | 11.50 |  | $ | 11.50 |
Term (in years) | 3.86 |  | 4.11 |
Expected volatility | 57.5 | % |  | 45.0 | % |
Risk-free interest rate | 4.32 | % |  | 3.92 | % |
Expected dividend yield | — | % |  | — | % |
Summary of change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs | The following tables represent reconciliations of the fair value measurements of the assets and liabilities using significant unobservable inputs (Level 3) (in thousands):
| FPA Put Option |  | Fixed Maturity Consideration |  | Brookfield SAFE |  | Private placement warrants
Balance as of January 1, 2024 | $ | (37,523) |  |  | $ | (7,228) |  |  | $ | (25,150) |  |  | $ | (3,914) |
(Loss) gain recognized in other expense, net on the condensed consolidated statement of operations and comprehensive loss | (12,669) |  |  | (376) |  |  | 9,675 |  |  | 1,766 |
Balance as of March 31, 2024 | $ | (50,192) |  |  | $ | (7,604) |  |  | $ | (15,475) |  |  | $ | (2,148) |
| FPA Put Option |  | Fixed Maturity Consideration |  | Shortfall Warrants |  | Warrants on Preferred Shares |  | AM SAFE liability |  | AM SAFE warrant |  | Brookfield SAFE |  | Private placement warrants
Balance as of January 1, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,119) |  |  | $ | (28,986) |  |  | $ | (1,989) |  |  | $ | (50,000) |  |  | $ | — |
Recognized as a result of the Business Combination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,148) |
(Loss) gain recognized in other expense, net on the consolidated statement of operations and comprehensive loss | (44,593) |  |  | (6,967) |  |  | (5,104) |  |  | (3,770) |  |  | (744) |  |  | 189 |  |  | 30,600 |  |  | (477) |
Conversion of warrants to preferred shares | — |  |  | — |  |  | — |  |  | 5,889 |  |  | — |  |  | — |  |  | — |  |  | — |
Conversion of SAFE liability to equity classification | — |  |  | — |  |  | — |  |  | — |  |  | 29,730 |  |  | — |  |  | — |  |  | — |
Reclassification of warrant to equity | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,800 |  |  | — |  |  | — |
Balance as of March 31, 2023 | $ | (44,593) |  |  | $ | (6,967) |  |  | $ | (5,104) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19,400) |  |  | $ | (2,625) |

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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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- Definition 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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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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