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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	%

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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