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Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value at Issuance Date and on Recurring Basis | The following tables present the fair value hierarchy for the Company’s assets and liabilities that are measured at fair value at issuance date and on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):
Fair Value Measurement as of September 30, 2024 |
|  | Total Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 23,749 |  |  | $ | 23,749 |  |  | $ | — |  |  | $ | — |
Total assets |  | $ | 23,749 |  |  | $ | 23,749 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legacy Allurion Common Stock Warrant Liabilities |  | $ | 71 |  |  | $ | — |  |  | $ | — |  |  | $ | 71 |
Public Warrants |  |  | 531 |  |  |  | 531 |  |  |  | — |  |  |  | — |
Public Offering Warrants |  |  | 5,970 |  |  |  | — |  |  |  | — |  |  |  | 5,970 |
Private Placement Warrants |  |  | 810 |  |  |  | — |  |  |  | — |  |  |  | 810 |
Revenue Interest Financing |  |  | 38,500 |  |  |  | — |  |  |  | — |  |  |  | 38,500 |
PIPE Conversion Option |  |  | 9,850 |  |  |  | — |  |  |  | — |  |  |  | 9,850 |
Earn-out Liability |  |  | 1,850 |  |  |  | — |  |  |  | — |  |  |  | 1,850 |
RTW Convertible Notes |  |  | 36,090 |  |  |  | — |  |  |  | — |  |  |  | 36,090 |
Success Fee Derivative Liability |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Total Liabilities |  | $ | 93,686 |  |  | $ | 531 |  |  | $ | — |  |  | $ | 93,155 |
Fair Value Measurement as of December 31, 2023 |
|  | Total Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 30,582 |  |  | $ | 30,582 |  |  | $ | — |  |  | $ | — |
Total assets |  | $ | 30,582 |  |  | $ | 30,582 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legacy Allurion Common Stock Warrant Liabilities |  | $ | 821 |  |  | $ | — |  |  | $ | — |  |  | $ | 821 |
Public Warrants |  |  | 5,943 |  |  |  | 5,943 |  |  |  | — |  |  |  | — |
Revenue Interest Financing |  |  | 36,200 |  |  |  | — |  |  |  | — |  |  |  | 36,200 |
PIPE Conversion Option |  |  | 5,600 |  |  |  | — |  |  |  | — |  |  |  | 5,600 |
Earn-out Liability |  |  | 23,990 |  |  |  | — |  |  |  | — |  |  |  | 23,990 |
Term Loan Derivative Liability |  |  | 1,895 |  |  |  | — |  |  |  | — |  |  |  | 1,895 |
Success Fee Derivative Liability |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Total Liabilities |  | $ | 74,463 |  |  | $ | 5,943 |  |  | $ | — |  |  | $ | 68,520 |
| The following tables present the fair value hierarchy for assets and liabilities that are measured at fair value at issuance date and on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):
Fair Value Measurement as of December 31, 2023 |
|  | Total Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 30,582 |  |  | $ | 30,582 |  |  | $ | — |  |  | $ | — |
Total assets |  | $ | 30,582 |  |  | $ | 30,582 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legacy Allurion Common Stock Warrant Liabilities |  | $ | 821 |  |  | $ | — |  |  | $ | — |  |  | $ | 821 |
Public Warrants |  |  | 5,943 |  |  |  | 5,943 |  |  |  | — |  |  |  | — |
Revenue Interest Financing |  |  | 36,200 |  |  |  | — |  |  |  | — |  |  |  | 36,200 |
PIPE Conversion Option |  |  | 5,600 |  |  |  | — |  |  |  | — |  |  |  | 5,600 |
Earn-out Liability |  |  | 23,990 |  |  |  | — |  |  |  | — |  |  |  | 23,990 |
Term Loan Derivative Liability |  |  | 1,895 |  |  |  | — |  |  |  | — |  |  |  | 1,895 |
Success Fee Derivative Liability |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Total Liabilities |  | $ | 74,463 |  |  | $ | 5,943 |  |  | $ | — |  |  | $ | 68,520 |
Fair Value Measurement as of December 31, 2022 |
|  | Total Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,925 |  |  | $ | 4,925 |  |  | $ | — |  |  | $ | — |
Total assets |  | $ | 4,925 |  |  | $ | 4,925 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legacy Allurion Series C Common Stock Warrant Liability |  | $ | 340 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |
Legacy Allurion Series B Preferred Stock Warrant Liability |  |  | 303 |  |  |  | — |  |  |  | — |  |  |  | 303 |
Legacy Allurion Series A-1 Preferred Stock Warrant Liability |  |  | 82 |  |  |  | — |  |  |  | — |  |  |  | 82 |
Other Common Stock Warrant Liabilities |  |  | 255 |  |  |  | — |  |  |  | — |  |  |  | 255 |
Legacy Allurion Series C Preferred Stock Warrant Liability |  |  | 684 |  |  |  | — |  |  |  | — |  |  |  | 684 |
Derivative Liability-Success Fee |  |  | 180 |  |  |  | — |  |  |  | — |  |  |  | 180 |
Legacy Allurion Series D-1 Preferred Stock Warrant Liability |  |  | 707 |  |  |  | — |  |  |  | — |  |  |  | 707 |
Total Liabilities |  | $ | 2,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,551 |
Schedule of Assumptions used in Pricing Model | The Company has classified the Legacy Allurion Common Stock Warrants, Public Offering Warrants (defined below), and Private Placement Warrants (defined below) within Level 3 of the hierarchy as the fair value is derived using the Black-Scholes option pricing model, which uses a combination of observable (Level 2) and unobservable (Level 3) inputs. See table below for the assumptions used in the pricing model of the Legacy Allurion Common Stock Warrants, Public Offering Warrants, and Private Placement Warrants:
|  | Measurement Date |  |  | Interest Rate |  |  | Exercise Price |  |  | Estimated Fair Value of Underlying Share Price |  |  | Expected Volatility |  |  | Expected Life (Years) |
Legacy Allurion Series C Preferred Stock warrants (as converted to Common) |  |  | September 30, 2024 |  |  |  | 3.65% |  |  | $ | 6.73 |  |  | $ | 0.61 |  |  |  | 90 | % |  |  | 6.50 |
Legacy Allurion Other Common Stock |  |  | September 30, 2024 |  |  |  | 3.59% |  |  |  | 1.05 |  |  |  | 0.61 |  |  |  | 90 | % |  |  | 2.94 |
Legacy Allurion Series D-1 Preferred Stock warrants (as converted to Common) |  |  | September 30, 2024 |  |  |  | 3.65% - 3.71% |  |  |  | 12.14 |  |  |  | 0.61 |  |  |  | 90 | % |  |  | 6.5 - 7.96 |
Public Offering Warrants |  |  | September 30, 2024 |  |  |  | 3.58% |  |  |  | 1.20 |  |  |  | 0.61 |  |  |  | 90 | % |  |  | 4.75 |
Private Placement Warrants |  |  | September 30, 2024 |  |  |  | 3.58% |  |  |  | 1.20 |  |  |  | 0.61 |  |  |  | 90 | % |  |  | 4.75 |
|  | Measurement Date |  |  | Interest Rate |  |  | Exercise Price |  |  | Estimated Fair Value of Underlying Share Price |  |  | Expected Volatility |  |  | Expected Life (Years) |
Legacy Allurion Series C Preferred Stock warrants (as converted to Common) |  |  | December 31, 2023 |  |  |  | 3.88 | % |  |  | 6.73 |  |  | $ | 3.74 |  |  |  | 100 | % |  |  | 7.25 |
Legacy Allurion Other Common Stock |  |  | December 31, 2023 |  |  |  | 3.95 | % |  |  | 1.05 |  |  |  | 3.74 |  |  |  | 100 | % |  |  | 3.69 |
Legacy Allurion Series D-1 Preferred Stock warrants (as converted to Common) |  |  | December 31, 2023 |  |  |  | 3.88 | % |  |  | 12.14 |  |  |  | 3.74 |  |  |  | 100 | % |  |  | 7.25 - 8.71 |
| The Company has classified the warrants within Level 3 of the hierarchy as the fair value is derived using the Black-Scholes option pricing model, which uses a combination of observable (Level 2) and unobservable (level 3) inputs. See table below for the assumptions used in the pricing model:
|  | Measurement Date |  |  | Interest Rate |  |  | Exercise Price |  |  | Estimated Fair Value of Underlying Share Price |  |  | Expected Volatility |  |  | Expected Life (Years) |
Legacy Allurion Series C Preferred Stock warrants (as converted to Common) |  |  | December 31, 2023 |  |  |  | 3.88 | % |  |  | 6.73 |  |  |  | 3.74 |  |  |  | 100 | % |  |  | 7.25 |
Other Common Stock |  |  | December 31, 2023 |  |  |  | 3.95 | % |  |  | 1.05 |  |  |  | 3.74 |  |  |  | 100 | % |  |  | 3.69 |
Legacy Allurion Series D-1 Preferred Stock warrants (as converted to Common) |  |  | December 31, 2023 |  |  |  | 3.88 | % |  |  | 12.14 |  |  |  | 3.74 |  |  |  | 100 | % |  |  | 7.25 - 8.71 |
Legacy Allurion Series A-1 Preferred Stock warrants (as converted to Rollover warrants) |  |  | December 31, 2022 |  |  |  | 4.42 | % |  | $ | 1.90 |  |  | $ | 6.75 |  |  |  | 69 | % |  |  | 0.25 |
Legacy Allurion Series B Preferred Stock warrants (as converted to Rollover warrants) |  |  | December 31, 2022 |  |  |  | 4.41 | % |  |  | 2.38 |  |  |  | 6.91 |  |  |  | 65 | % |  |  | 2.00 |
Legacy Allurion Series C Common Stock warrants (as converted to Rollover warrants) |  |  | December 31, 2022 |  |  |  | 4.11 | % |  |  | 0.01 |  |  |  | 4.54 |  |  |  | 63 | % |  |  | 4.00 |
Legacy Allurion Series C Preferred Stock warrants (as converted to Rollover warrants) |  |  | December 31, 2022 |  |  |  | 3.92 | % |  |  | 6.58 |  |  |  | 7.24 |  |  |  | 63 | % |  |  | 8.20 |
Other Common Stock Warrants |  |  | December 31, 2022 |  |  |  | 3.99 | % |  |  | 1.02 - 1.10 |  |  |  | 4.54 |  |  |  | 63 | % |  |  | 4.6 - 4.7 |
Legacy Allurion Series D-1 Preferred Stock warrants (as converted to Rollover warrants) |  |  | December 31, 2022 |  |  |  | 3.88 - 3.92 | % |  |  | 11.87 |  |  |  | 11.31 |  |  |  | 63 | % |  |  | 8.2 - 9.7 |
Schedule of Changes in Fair Values | The following table reconciles the changes in fair value for the three and nine months ended September 30, 2024 and 2023 of the warrant liabilities valued using Level 3 inputs:
|  | Preferred Stock Warrants (as converted to Common) |  |  | Common Stock Warrants |  |  | Public Offering Warrants |  |  | Private Placement Warrants |  |  | Total |
Balance – June 30, 2023 |  | $ | 2,679 |  |  | $ | 1,351 |  |  |  | — |  |  |  | — |  |  | $ | 4,030 |
Change in fair value |  |  | (1,571 | ) |  |  | (555 | ) |  |  | — |  |  |  | — |  |  |  | (2,126 | )
Exercise of warrants |  |  | (53 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (53 | )
Derecognition of liability to equity |  |  | (340 | ) |  |  | (589 | ) |  |  | — |  |  |  | — |  |  |  | (929 | )
Balance – September 30, 2023 |  | $ | 715 |  |  | $ | 207 |  |  | $ | — |  |  | $ | — |  |  | $ | 922 |
Balance – June 30, 2024 |  | $ | 110 |  |  | $ | 35 |  |  |  | — |  |  |  | — |  |  | $ | 145 |
Fair value at issuance |  |  | — |  |  |  | — |  |  |  | 13,157 |  |  |  | 1,670 |  |  |  | 14,827 |
Change in fair value |  |  | (55 | ) |  |  | (19 | ) |  |  | (7,187 | ) |  |  | (860 | ) |  |  | (8,121 | )
Balance – September 30, 2024 |  | $ | 55 |  |  | $ | 16 |  |  | $ | 5,970 |  |  | $ | 810 |  |  | $ | 6,851 |
|  | Preferred Stock Warrants (as converted to Common) |  |  |  |  |  | Common Stock Warrants |  |  | Public Offering Warrants |  |  |  |  |  | Private Placement Warrants |  |  | Total |
Balance – January 1, 2023 |  | $ | 1,777 |  |  |  |  |  |  | $ | 596 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 2,373 |
Change in fair value |  |  | (647 | ) |  |  |  |  |  |  | 200 |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (447 | )
Exercise of warrants |  |  | (75 | ) |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (75 | )
Derecognition of liability to equity |  |  | (340 | ) |  |  |  |  |  |  | (589 | ) |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (929 | )
Balance – September 30, 2023 |  | $ | 715 |  |  |  |  |  |  | $ | 207 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 922 |
Balance – January 1, 2024 |  | $ | 642 |  |  |  |  |  |  | $ | 179 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 821 |
Fair value at issuance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,157 |  |  |  |  |  |  |  | 1,670 |  |  |  | 14,827 |
Change in fair value |  |  | (587 | ) |  |  |  |  |  |  | (163 | ) |  |  | (7,187 | ) |  |  |  |  |  |  | (860 | ) |  |  | (8,797 | )
Balance – September 30, 2024 |  | $ | 55 |  |  |  |  |  |  | $ | 16 |  |  | $ | 5,970 |  |  | $ | — |  |  | $ | 810 |  |  | $ | 6,851 |
| The following table reconciles the changes in fair value for the years ended December 31, 2023 and 2022 of the warrant liabilities valued using Level 3 inputs:
|  | Preferred Stock Warrants (as converted to Common) |  |  | Common Stock Warrants |  |  | Total |
Balance – January 1, 2022 |  | $ | 510 |  |  | $ | 231 |  |  | $ | 741 |
Fair value upon issuance |  |  | 834 |  |  |  | — |  |  |  | 834 |
Change in fair value |  |  | 456 |  |  |  | 365 |  |  |  | 821 |
Exercise of warrants |  |  | (23 | ) |  |  | — |  |  |  | (23 | )
Balance – December 31, 2022 |  | $ | 1,777 |  |  | $ | 596 |  |  | $ | 2,373 |
Change in fair value |  |  | (720 | ) |  |  | 172 |  |  |  | (548 | )
Exercise of warrants |  |  | (75 | ) |  |  | — |  |  |  | (75 | )
Derecognition of liability to equity |  |  | (340 | ) |  |  | (589 | ) |  |  | (929 | )
Balance – December 31, 2023 |  | $ | 642 |  |  | $ | 179 |  |  | $ | 821 |
Schedule of Estimated Fair Value was Measured Using a Monte Carlo Simulation Method | The assumptions used in the Black Scholes option-pricing model for the nine months ended September 30, 2024 and 2023 are as follows:
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Expected volatility |  |  | 71 | % |  |  | 86 | %
Risk-free interest rate |  |  | 4.36 | % |  |  | 4.50 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected term (in years) |  |  | 6.1 |  |  |  | 5.8 |
| The assumptions used in the Black-Scholes option-pricing model are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Expected volatility |  |  | 85.8 | % |  |  | 63 | %
Risk-free interest rate |  |  | 4.5 | % |  |  | 3.56 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Expected term (in years) |  |  | 5.8 |  |  |  | 5.8 |
Public Warrants |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Schedule of Changes in Fair Values | The changes in the fair values of the Success Fee derivative liability, 2023 Convertible Notes, Revenue Interest Financing, PIPE Conversion Option, Earn-out liability, Term Loan Derivative liability, RTW Convertible Notes, PubCo Share liability, Base PubCo and Backstop Share liability, and Warrant Overallotment Liability categorized with Level 3 inputs for the three and nine months ended September 30, 2024 and 2023 were as follows:
|  | Success Fee Derivative Liability |  |  | 2023 Convertible Notes |  |  | Revenue Interest Financing |  |  | PIPE Conversion Derivative |  |  | Earn-Out Liability |  |  | Term Loan Derivative Liability |  |  | RTW Convertible Notes |  |  | PubCo Share Liability |  |  | Base PubCo & Backstop Share Liability |  |  | Total |
Balance – June 30, 2023 |  | $ | 213 |  |  | $ | 16,793 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,327 |  |  | $ | 3,305 |  |  | $ | 23,638 |
Fair value upon issuance |  |  | — |  |  |  | 9,150 |  |  | $ | 40,000 |  |  |  | 3,340 |  |  |  | 53,040 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 105,530 |
Change in fair value |  |  | (201 | ) |  |  | 6,008 |  |  |  | (3,400 | ) |  |  | 2,100 |  |  |  | (24,330 | ) |  |  | — |  |  |  | — |  |  |  | (599 | ) |  |  | 10,065 |  |  | $ | (10,357 | )
Repayments of debt |  |  | — |  |  |  | (10,250 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (10,250 | )
Derecognition of liability to equity |  |  | — |  |  |  | (21,701 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,728 | ) |  |  | (13,370 | ) |  | $ | (37,799 | )
Balance – September 30, 2023 |  | $ | 12 |  |  | $ | — |  |  | $ | 36,600 |  |  | $ | 5,440 |  |  | $ | 28,710 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 70,762 |
Balance – June 30, 2024 |  | $ | 14 |  |  | $ | — |  |  | $ | 39,000 |  |  | $ | 5,450 |  |  | $ | 4,110 |  |  | $ | — |  |  | $ | 40,950 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,524 |
Change in fair value |  |  | — |  |  |  | — |  |  |  | 6,704 |  |  |  | 4,400 |  |  |  | (2,260 | ) |  |  | — |  |  |  | (1,790 | ) |  |  | — |  |  |  | — |  |  |  | 7,054 |
Change in fair value – OCI |  |  | — |  |  |  | — |  |  |  | (5,800 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,070 | ) |  |  | — |  |  |  | — |  |  |  | (8,870 | )
Repayments of debt |  |  | — |  |  |  | — |  |  |  | (1,404 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,404 | )
Balance – September 30, 2024 |  | $ | 14 |  |  | $ | — |  |  | $ | 38,500 |  |  | $ | 9,850 |  |  | $ | 1,850 |  |  | $ | — |  |  | $ | 36,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,304 |
Balance – January 1, 2023 |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
Fair value upon issuance |  |  | — |  |  |  | 28,700 |  |  | $ | 40,000 |  |  |  | 3,340 |  |  |  | 53,040 |  |  |  | — |  |  |  | — |  |  |  | 3,370 |  |  |  | 3,264 |  |  |  | 131,714 |
Change in fair value |  |  | (166 | ) |  |  | 3,751 |  |  |  | (3,400 | ) |  |  | 2,100 |  |  |  | (24,330 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 10,106 |  |  |  | (12,581 | )
Repayments of debt |  |  | — |  |  |  | (10,750 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,750 | )
Derecognition of liability to equity |  |  | — |  |  |  | (21,701 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,728 | ) |  |  | (13,370 | ) |  |  | (37,799 | )
Balance – September 30, 2023 |  | $ | 12 |  |  | $ | — |  |  | $ | 36,600 |  |  | $ | 5,440 |  |  | $ | 28,710 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 70,762 |
|  | Success Fee Derivative Liability |  |  | 2023 Convertible Notes |  |  | Revenue Interest Financing |  |  | PIPE Conversion Derivative |  |  | Earn-Out Liability |  |  | Term Loan Derivative Liability |  |  | RTW Convertible Notes |  |  | PubCo Share Liability |  |  | Base PubCo & Backstop Share Liability |  |  | Total |
Balance – January 1, 2024 |  | $ | 14 |  |  | $ | — |  |  | $ | 36,200 |  |  | $ | 5,600 |  |  | $ | 23,990 |  |  | $ | 1,895 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67,699 |
Fair value upon issuance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,100 |  |  |  | — |  |  |  | — |  |  |  | 49,100 |
Change in fair value |  |  | — |  |  |  | — |  |  |  | 5,358 |  |  |  | 4,250 |  |  |  | (22,140 | ) |  |  | (1,895 | ) |  |  | (10,020 | ) |  |  | — |  |  |  | — |  |  |  | (24,447 | )
Change in fair value – OCI |  |  | — |  |  |  | — |  |  |  | (600 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,990 | ) |  |  | — |  |  |  | — |  |  |  | (3,590 | )
Repayments of debt |  |  | — |  |  |  | — |  |  |  | (2,458 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,458 | )
Balance – September 30, 2024 |  | $ | 14 |  |  | $ | — |  |  | $ | 38,500 |  |  | $ | 9,850 |  |  | $ | 1,850 |  |  | $ | — |  |  | $ | 36,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,304 |
| The changes in the fair values of the Success Fee derivative liability, 2023 Convertible Notes, PubCo Additional Shares liability, Base PubCo Shares and Backstop Shares liability, Revenue Interest Financing, PIPE Conversion Option, Earn-out liability, and Term Loan Derivative Liability categorized with Level 3 inputs for the years ended December 31, 2023 and 2022 were as follows:
|  | Success Fee Derivative Liability |  |  | 2023 Convertible Notes |  |  | PubCo Share Liability |  |  | Base PubCo & Backstop Share Liability |  |  | Revenue Interest Financing |  |  | PIPE Conversion Derivative |  |  | Earn-Out Liability |  |  | Term Loan Derivative Liability |  |  | Total |
Balance – January 1, 2022 |  | $ | 159 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 159 |
Fair value upon issuance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Change in fair value |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |
Exercise of warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance – December 31, 2022 |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
Fair value upon issuance |  |  | — |  |  | $ | 28,700 |  |  |  | 3,370 |  |  |  | 3,264 |  |  |  | 40,000 |  |  |  | 3,340 |  |  |  | 53,040 |  |  |  | 1,895 |  |  |  | 133,609 |
Change in fair value |  |  | (164 | ) |  |  | 3,751 |  |  |  | (642 | ) |  |  | 10,106 |  |  |  | (3,408 | ) |  |  | 2,260 |  |  |  | (29,050 | ) |  |  | — |  |  |  | (17,147 | )
Change in fair value – OCI |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 700 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 700 |
Payments |  |  | — |  |  |  | (10,750 | ) |  |  | — |  |  |  | — |  |  |  | (1,092 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,842 | )
Derecognition of liability to equity |  |  | — |  |  |  | (21,701 | ) |  |  | (2,728 | ) |  |  | (13,370 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37,799 | )
Balance – December 31, 2023 |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,200 |  |  | $ | 5,600 |  |  | $ | 23,990 |  |  | $ | 1,895 |  |  | $ | 67,699 |
Earn-Out Liability |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Schedule of Estimated Fair Value was Measured Using a Monte Carlo Simulation Method | The estimated fair value of the Earn-Out Shares was determined using a MCSM with the following assumptions at each valuation date:
|  | September 30, 2024 |  |  | December 31, 2023 |
Stock Price |  | $ | 0.61 |  |  | $ | 3.74 |
Risk-free interest rate |  |  | 3.6 | % |  |  | 3.9 | %
Expected term (in years) |  |  | 3.8 |  |  |  | 4.6 |
Expected volatility |  |  | 105.0 | % |  |  | 87.0 | %
| The estimated fair value of the earn-out shares was determined using a Monte Carlo Simulation Method using the following assumptions at the valuation date:
|  | December 31, 2023 |
Stock Price |  |  | 3.74 |
Risk-free interest rate |  |  | 3.9 | %
Expected term (in years) |  |  | 4.6 |
Expected volatility |  |  | 87.0 | %
Revenue Interest Financing and PIPE Conversion Option |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Schedule of Estimated Fair Value was Measured Using a Monte Carlo Simulation Method | The fair value of the PIPE Conversion Option was accounted for as a derivative under ASC 815. The instrument is measured using a Monte Carlo Simulation Method (“MCSM”) using the number of shares convertible of 1,065,341 and the following assumptions:
|  | September 30, 2024 |  |  | December 31, 2023 |
Stock Price |  | $ | 0.61 |  |  | $ | 3.74 |
Risk-free interest rate |  |  | 4.03 | % |  |  | 4.46 | %
Expected term (in years) |  |  | 0.8 |  |  |  | 1.6 |
Expected volatility |  |  | 130.0 | % |  |  | 82.5 | %
| The fair value of the PIPE Conversion Option was accounted for as a derivative under ASC 815. The instrument is measured using a Monte Carlo Simulation Method using the number of shares convertible of 1,065,341 and the following assumptions:
|  | December 31, 2023 |
Stock Price |  |  | 3.74 |
Risk-free interest rate |  |  | 4.46 | %
Expected term (in years) |  |  | 1.6 |
Expected volatility |  |  | 82.5 | %
RTW Convertible Notes |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Schedule of Estimated Fair Value was Measured Using a Monte Carlo Simulation Method | The fair value was measured using the $48.0 million principal amount of the RTW Convertible Notes and the following assumptions:
|  | September 30, 2024 |
Stock Price |  | $ | 0.61 |
Risk-free interest rate |  |  | 3.6 | %
Expected term (in years) |  |  | 6.5 |
Expected volatility |  |  | 90.0 | %

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