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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2023
Fair Value Measurements [Abstract] |
FAIR VALUE MEASUREMENTS | 5. FAIR VALUE MEASUREMENTS The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value:
|  | December 31, 2023 |
|  | Quoted Prices |  |  |  |  |  |  |  |  |  |
|  | in Active Markets for Identical Items |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 31,489 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,489 |
U.S. treasury securities |  |  | — |  |  |  | 45,355 |  |  |  | — |  |  |  | 45,355 |
Total assets |  | $ | 31,489 |  |  | $ | 45,355 |  |  | $ | — |  |  | $ | 76,844 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 518 |  |  | $ | — |  |  | $ | — |  |  | $ | 518 |
Warrant liabilities - private warrants |  |  | — |  |  |  | — |  |  |  | 312 |  |  |  | 312 |
Total liabilities |  | $ | 518 |  |  | $ | — |  |  | $ | 312 |  |  | $ | 830 |
|  | December 31, 2022 |
|  | Quoted Prices in Active Markets for Identical Items (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 114,409 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,409 |
Total assets |  | $ | 114,409 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,409 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 2,589 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,589 |
Warrant liabilities - private warrants |  |  | — |  |  | $ | — |  |  |  | 3,432 |  |  |  | 3,432 |
Total liabilities |  | $ | 2,589 |  |  | $ | — |  |  | $ | 3,432 |  |  | $ | 6,021 |
Money market funds are classified as cash and cash equivalents. U.S. treasury securities are classified as cash equivalents when the date from initial purchase to maturity is less than 90 days. The remaining investments are classified as short-term investments. The carrying values of prepaid expenses, right of use assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of the instruments. The fair values of our short-term investments are Level 2 measurements as the US treasury securities are not the most recent offerings and are therefore not traded in an active market. The fair value of the Public Warrants was determined from their trading value on public markets. The fair value of the Private Placement Warrants was calculated using the Black-Scholes option pricing model. The assumptions used in the model were the Company’s stock price, exercise price, expected term, volatility, interest rate, and dividend yield. For the year ended December 31, 2023, the Company recognized a gain to the statement of operations resulting from a decrease in the fair value of liabilities of $5,191 presented as a change in fair value of warrant liabilities on the accompanying statement of operations. For the year ended December 31, 2022, the Company recognized a gain to the statement of operations resulting from a decrease in the fair value of liabilities of $84,000 presented as a change in fair value of warrant liabilities on the accompanying statement of operations. The Company estimates the volatility of its warrants based on implied volatility from the Company’s Public Warrants and from historical volatility of select peer companies’ common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding the inputs used in determining the fair value of the Company’s Level 3 liabilities:
Private Placement Warrants |  | As of December 31, 2023 |  |  | As of December 31, 2022 |
Volatility |  |  | 110.0 | % |  |  | 72.0 | %
Stock price |  | $ | 0.37 |  |  | $ | 2.02 |
Expected life of options |  |  | 2.7 years |  |  |  | 3.7 years |
Risk-free rate |  |  | 4.1 | % |  |  | 4.1 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
The following table shows the change in number and value of the warrants since December 31, 2022:
|  | Public |  |  | Private |  |  | Total |
|  | Shares |  |  | Value |  |  | Shares |  |  | Value |  |  | Shares |  |  | Value |
December 31, 2022 |  |  | 17,248,601 |  |  | $ | 2,589 |  |  |  | 10,400,000 |  |  | $ | 3,432 |  |  |  | 27,648,601 |  |  | $ | 6,021 |
Change in value |  |  | — |  |  | $ | (2,071 | ) |  |  | — |  |  | $ | (3,120 | ) |  |  | — |  |  | $ | (5,191 | )
December 31, 2023 |  |  | 17,248,601 |  |  | $ | 518 |  |  |  | 10,400,000 |  |  | $ | 312 |  |  |  | 27,648,601 |  |  | $ | 830 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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