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Warrants Classified as Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Warrants Classified as Liabilities [Abstract]

Schedule of Purchase Warrants outstanding

As of September 30, 2024 and December 31, 2023, the Company had the following Purchase Warrants outstanding (share 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 Purchase Warrants outstanding

The following table sets forth changes in the fair value of the Purchase 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
Change in fair value of warrants			—				(4	)
Balance as of September 30, 2024			235			$	99

Schedule of Black Scholes Model

The fair value of the Purchase Warrants at September 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			3.7 years				3.7 years
Interest rate (risk-free rate)			3.51	%			3.51	%
Expected volatility			121	%			121	%
Expected dividend yield			—				—
Fair value of warrants (in thousands)		$	35			$	64

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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