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Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
|  | Fair Value Measurements as of September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | 1,606 |  |  | $ | 1,606 |
Contingent stock consideration |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | 27 |
Short-term debt - Yorkville convertible note |  |  | — |  |  |  | — |  |  |  | 3,695 |  |  |  | 3,695 |
Warrant liability - July 2023 Registered Direct Warrants |  |  | — |  |  |  | — |  |  |  | 1,748 |  |  |  | 1,748 |
Warrant liability - April 2023 Registered Direct Warrants |  |  | — |  |  |  | — |  |  |  | 1,670 |  |  |  | 1,670 |
Warrant liability - May 2022 PIPE Warrants |  |  | — |  |  |  | — |  |  |  | 809 |  |  |  | 809 |
Warrant liability - Sponsor Warrants |  |  | — |  |  |  | — |  |  |  | 32 |  |  |  | 32 |
Warrant liability - Public Warrants |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | 144 |
|  | $ | 144 |  |  | $ | — |  |  | $ | 9,587 |  |  | $ | 9,731 |
|  | Fair Value Measurements as of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Convertible note receivable |  | $ | — |  |  | $ | — |  |  | $ | 2,072 |  |  | $ | 2,072 |
|  | $ | — |  |  | $ | — |  |  | $ | 2,072 |  |  | $ | 2,072 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | 1,606 |  |  | $ | 1,606 |
Contingent stock consideration |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | 27 |
Short-term debt - Yorkville |  |  | — |  |  |  | — |  |  |  | 17,223 |  |  |  | 17,223 |
Warrant liability - July 2023 Registered Direct Warrants |  |  | — |  |  |  | — |  |  |  | 1,529 |  |  |  | 1,529 |
Warrant liability - April 2023 Registered Direct Warrants |  |  | — |  |  |  | — |  |  |  | 1,487 |  |  |  | 1,487 |
Warrant liability - May 2022 PIPE Warrants |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | 708 |
Warrant liability - Sponsor Warrants |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 60 |
Warrant liability - Public Warrants |  |  | 575 |  |  |  | — |  |  |  | — |  |  |  | 575 |
|  | $ | 575 |  |  | $ | — |  |  | $ | 22,640 |  |  | $ | 23,215 |
Reconciliation of Convertible Note Receivable Measured on Recurring Basis | The following table presents a reconciliation of the convertible note receivable measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:
|  | Balance as of January 1, 2024 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of September 30, 2024 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible note receivable |  | $ | 2,072 |  |  | $ | — |  |  | $ | (2,072 | ) |  | $ | — |  |  | $ | — |
Schedule of Convertible Note Valuation Model | Significant inputs for the convertible note valuation model were as follows:
|  | December 31, 2023 |
Face value | $ |  | 4,000 |
Coupon rate |  | 12% - 17% |
Stock price | $ |  | 0.23 |
Term (years) |  | 0.51-2.45 |
Risk-free interest rate |  |  | 5.47 | %
Volatility |  | n/a |
Schedule of Reconciliation of Contingent Consideration Obligations Measured on a Recurring Basis | The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:
|  | Balance as of January 1, 2024 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of September 30, 2024 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | 1,606 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,606 |
Schedule of Reconciliation of Contingent Stock Consideration Obligations Measured on a Recurring Basis | The following table presents a reconciliation of the contingent stock consideration obligation measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:
|  | Balance as of January 1, 2024 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of September 30, 2024 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent stock consideration |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |
Schedule of Reconciliation of Short-term Debt Obligations Measured on a Recurring Basis | The following table presents a reconciliation of short-term debt obligations measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:
Liabilities: |  |  |
Balance as of January 1, 2024 |  | $ | 17,223 |
Principal repayments |  |  | (17,374 | )
Issuance of convertible promissory note |  |  | 3,150 |
Fair value adjustment through earnings |  |  | 694 |
Fair value adjustment through accumulated other comprehensive income |  |  | 2 |
Balance as of September 30, 2024 |  | $ | 3,695 |
Schedule of Yorkville Convertible Promissory Note Valuation Model | Significant inputs for the Yorkville convertible promissory note valuation model were as follows:
|  | September 30, 2024 |  |  | March 13, 2024 |
|  |  |  |  | (issuance) |
Common share price | $ |  | 2.97 |  | $ |  | 5.79 |
Credit spread |  |  | 8.00 | % |  |  | 8.50 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  |  | 0.45 |  |  |  | 1.00 |
Risk-free interest rate |  |  | 4.30 | % |  |  | 4.90 | %
Volatility |  |  | 50.0 | % |  |  | 50.0 | %
Schedule of Reconciliation of Warrant Liabilities Measured on a Recurring Basis | The following table presents a reconciliation of the warrant liabilities measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:
Balance as of January 1, 2024 |  | $ | 3,784 |
January 2024 Bridge Loan - Tranche #2 warrant issuance |  |  | 1,858 |
Gain recognized in earnings from change in fair value |  |  | 1,587 |
Reclassification of warrants from liability classified to equity classified |  |  | (2,970 | )
Balance as of September 30, 2024 |  | $ | 4,259 |
May 2022 PIPE Warrants and April 2023 Registered Direct Warrants |
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Significant Inputs for May 2022 PIPE Warrants and 2023 Registered Direct Warrants | Significant inputs for the May 2022 PIPE Warrants and the 2023 Registered Direct Warrants were as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
Common share price | $ | 2.97 |  | $ |  | 2.47 |
Exercise price | $ | 3.50 - 7.50 |  | $ | 3.50 - 7.50 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  | 4.03 - 4.34 |  |  | 4.78 - 5.09 |
Risk-free interest rate |  |  | 3.58 | % |  |  | 3.84 | %
Volatility |  | 97.1% - 98.1% |  |  | 100.1% - 100.7% |
January 2024 Bridge Loan - Tranche #2 Warrants |
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Fair Value of Warrants Issued | Significant inputs for the January 2024 Bridge Loan - Tranche #2 Warrants were as follows:
|  | July 15, 2024 |  |  | January 16, 2024 |
|  | (reclassification) |  |  | (issuance) |
Common share price | $ |  | 3.19 |  | $ |  | 2.00 |
Term to initial exercise date (years)(1) |  | N/A |  |  |  | 0.50 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  |  | 5.0 |  |  |  | 5.0 |
Risk-free interest rate |  |  | 4.00 | % |  |  | 3.90 | %
Volatility |  |  | 112.5 | % |  |  | 107.5 | %
GX Sponsor Warrants |
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Fair Value of Warrants Issued | Significant inputs for the Sponsor Warrants were as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
Common share price | $ |  | 2.97 |  | $ |  | 2.47 |
Exercise price | $ |  | 115.00 |  | $ |  | 115.00 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  |  | 1.8 |  |  |  | 2.5 |
Risk-free interest rate |  |  | 3.66 | % |  |  | 4.12 | %
Volatility |  |  | 105.9 | % |  |  | 100.7 | %

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