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Warrants Classified as Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Warrants Classified as Liabilities [Abstract]

Schedule of Liability-Classified Warrants Outstanding

As of June 30, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

		Number of Shares				Exercise Price				Expiration Date
Warrants issued - November 2022			92			$	40.00			May 28, 2028
Warrants issued - June 2023			143			$	28.00			June 2, 2028
			235

Schedule of Fair Value of Warrants

As of June 30, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

		Number of Shares				Fair Value
Balance as of December 31, 2023			235			$	1,748
Change in fair value of warrants			—				(1,591	)
Balance as of March 31, 2024			235				157
Change in fair value of warrants			—				(54	)
Balance as of June 30, 2024			235			$	103

Schedule of Black Scholes Model

The fair value of the Purchase Warrants at June 30, 2024 was determined using the Black Scholes model with the assumptions in the following table.

		2022 Purchase Warrant				2023 Purchase Warrant
Expected term based on contractual term			3.9 years				3.9 years
Interest rate (risk-free rate)			4.37	%			4.37	%
Expected volatility			118	%			118	%
Expected dividend yield			—				—
Fair value of warrants (in thousands)		$	37			$	66

The fair value of the Purchase Warrants at December 31, 2023 was determined using the Black Scholes model with the assumptions in the following table.

		2022 Purchase Warrant				2023 Purchase Warrant
Expected term based on contractual term			4.4 years				4.4 years
Interest rate (risk-free rate)			3.84	%			3.84	%
Expected volatility			116	%			116	%
Expected dividend yield			—				—
Fair value of warrants (in thousands)		$	653			$	1,095

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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.

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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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