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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows:
|  | Fair value measurements as of September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,269 |
Derivatives |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | 19 |
Total |  | $ | 2,269 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 2,288 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  |  | — |  |  |  | — |  |  |  | 156 |  |  |  | 156 |
|  | Fair value measurements as of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | 122 |  |  | $ | 122 |
Bridge Notes |  |  | — |  |  |  | — |  |  |  | 1,717 |  |  |  | 1,717 |
Warrants |  |  | — |  |  |  | — |  |  |  | 591 |  |  |  | 591 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 2,430 |  |  | $ | 2,430 |
Schedule of Fair Value Measurement of Liabilities Using Unobservable Inputs Reconciliation | The following summarizes the activity for the Company Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024.
|  | November 2023 |
(in thousands) |  | Bridge Notes |
Fair value at December 31, 2023 |  | $ | 1,717 |
Loss on extinguishment of debt |  |  | 275 |
Change in estimated fair value of convertible notes |  |  | 316 |
Conversion to Series A Preferred Stock |  |  | (2,308 | )
Fair value at September 30, 2024 |  | $ | — |
The following table summarizes the activity for the Company Level 3 warrant liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024:
|  | November 2023 |  |  | December 2023 |  |  | February 2024 |  |  | Woodway |  |  | Registered Direct |  |  | Registered Direct Placement Agent |  |  | Best Efforts Pre-Funded |  |  | Best Efforts A-1 |  |  | Best Efforts A-2 |  |  | Best Efforts Placement Agent |  |  | Total |  |
(in thousands) |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |  |
Fair value at December 31, 2023 |  | $ | 165 |  |  | $ | 426 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 591 |  |
Issuance of warrants |  |  | — |  |  |  | — |  |  |  | 1,800 |  |  |  | 344 |  |  |  | 721 |  |  |  | 50 |  |  |  | 3,704 |  |  |  | 2,687 |  |  |  | 1,903 |  |  |  | 189 |  |  |  | 11,398 |  |
Change in estimated fair value of warrants |  |  | (165 | ) |  |  | (304 | ) |  |  | (1,797 | ) |  |  | (344 | ) |  |  | (719 | ) |  |  | (50 | ) |  |  | (1,141 | ) |  |  | (2,577 | ) |  |  | (1,869 | ) |  |  | (182 | ) |  |  | (9,148 | ) |
Loss on cancelation of warrants |  |  | — |  |  |  | 358 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 358 |  |
Exercise of stock warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,563 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,563 | ) |
Conversion to Series A Preferred Stock |  |  |  |  |  | (480 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (480 | ) |
Fair value at September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 110 |  |  | $ | 34 |  |  | $ | 7 |  |  | $ | 156 |  |
(in thousands) |  | Convertible Notes |
Fair value at December 31, 2022 |  | $ | 4,270 |
Issuance of convertible notes |  |  | — |
Change in estimated fair value of financial instruments |  |  | 252 |
Exercise of stock warrants |  |  | (4,521 | )
Fair value at September 30, 2023 |  | $ | — |
|  | November 2022 |
(in thousands) |  | Warrants |
Fair value at December 31, 2022 |  | $ | 3,004 |
Issuance of warrants |  |  | — |
Change in estimated fair value of financial instruments |  |  | (2,266 | )
Exercise of stock warrants |  |  | (738 | )
Fair value at September 30, 2023 |  | $ | — |
November 2023 Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the November 2023 Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.3 | % |  |  | 3.8 | %
Weighted-average expected term (in years) |  |  | 4.67 |  |  |  | 5.35 |
Weighted-average expected volatility |  |  | 81.2 | % |  |  | 68.20 | %
Expected dividend yield |  |  | — | % |  |  | — | %
December 2023 Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the December 2023 Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | — | % |  |  | 3.8 | %
Weighted-average expected term (in years) |  |  | — |  |  |  | 5.43 |
Weighted-average expected volatility |  |  | — | % |  |  | 67.90 | %
Expected dividend yield |  |  | — | % |  |  | — | %
February 2024 Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the February 2024 Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.4 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 9.48 |  |  |  | — |
Weighted-average expected volatility |  |  | 93.3 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Woodway Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Woodway Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.3 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 9.53 |  |  |  | — |
Weighted-average expected volatility |  |  | 66.6 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Registered Direct Placement Agent Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Placement Agent Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.3 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 4.70 |  |  |  | — |
Weighted-average expected volatility |  |  | 81.5 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Registered Direct Offering Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Registered Offering Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.3 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 5.22 |  |  |  | — |
Weighted-average expected volatility |  |  | 77.8 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Best Efforts A-1 Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Best Efforts A-1 Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 3.6 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 4.82 |  |  |  | — |
Weighted-average expected volatility |  |  | 80.0 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Best Efforts A-2 Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Best Efforts A-2 Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 3.8 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 1.28 |  |  |  | — |
Weighted-average expected volatility |  |  | 116.7 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Best Efforts Placement Agent Warrants [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Best Efforts Placement Agent Warrants are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 3.6 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 4.82 |  |  |  | — |
Weighted-average expected volatility |  |  | 80.0 | % |  |  | — | %
Expected dividend yield |  |  | — | % |  |  | — | %
Loss Restoration Derivative [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Schedule of Assumptions Used to Estimate the Fair Value | The assumptions used to estimate the fair value of the Loss Restoration Derivative are as follows:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate |  |  | 4.7 | % |  |  | — | %
Weighted-average expected term (in years) |  |  | 1.25 |  |  |  | — |
Weighted-average expected volatility |  |  | 116.7 | % |  |  | — | %
Expected dividend yield |  |  | 15.0 | % |  |  | — | %

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- Definition Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -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 (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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