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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Schedule of Liabilities Measured at Fair Value on a Recurring Basis

Liabilities measured at fair value on a recurring basis as of March 31, 2024 are as follows:

		Level 1				Level 2				Level 3				Total
Earnout liability		$	—			$	—			$	3,621			$	3,621
PIPE make-whole liability			—				—				1,639				1,639
Private Warrants and other warrants			—				—				836				836
Total		$	—			$	—			$	6,096			$	6,096

Schedule of Fair Value on a Recurring Basis Using Level 3 Inputs

The following table provides a reconciliation of the balance of financial instruments measured at fair value on a recurring basis using Level 3 inputs:

Six months ended March 31, 2024:		Earnout Liability				PIPE Make-Whole Liability				Private Warrants and Other Warrants				SAFEs
Balance, September 30, 2023		$	—			$	—			$	—			$	1,512
Liabilities recognized			33,559				2,071				882				—
Conversion to Class A Common Stock in the Merger			—				—				—				(1,522	)
Change in fair value included in net loss			(29,938	)			(432	)			(46	)			10
Balance, March 31, 2024		$	3,621			$	1,639			$	836			$	—

Six months ended March 31, 2023:		SAFEs
Balance, September 30, 2022		$	1,983
Change in fair value included in net loss			558
Balance, March 31, 2023		$	2,541

Schedule of Assumptions Used in Estimating the Fair Value

The following table summarizes the assumptions used in estimating the fair value of the earnout liability at the respective dates:

		December 21, 2023 (Closing)				March 31, 2024
Stock price		$	10.66			$	2.01
Expected volatility			50	%			60	%
Risk-free rate			3.9	%			4.1	%
Contractual term			8 years				7.7 years

The following table summarizes the assumptions used in estimating the fair value of the PIPE make-whole liability at the respective dates:

		December 21, 2023 (Closing)				March 31, 2024
Stock price		$	10.17			$	1.56
Expected volatility			49	%			51	%
Risk-free rate			5.4	%			5.4	%
Contractual term			4 months				3 months

X

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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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.

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