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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Instrument [Line Items] |
Summary of Debt | Debt consisted of the following:
|  | September 30, |  |  | December 31, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Principal stockholder promissory notes |  | $ | 5,146 |  |  | $ | 5,085 |  |
Other related party promissory notes |  |  | 152 |  |  |  | 721 |  |
Total Loan Payable |  |  | 5,298 |  |  |  | 5,806 |  |
June 2023 notes |  |  | — |  |  |  | 1,379 |  |
November 2023 bridge notes |  |  | — |  |  | $ | 1,717 |  |
Total Senior secured notes |  | $ | — |  |  | $ | 3,096 |  |
Derivatives |  | $ | — |  |  | $ | 122 |  |
December 2023 convertible note |  |  | — |  |  |  | 904 |  |
Other related party convertible notes |  |  | 188 |  |  |  | — |  |
Other convertible notes |  |  | 745 |  |  |  | — |  |
February 2024 convertible note |  |  | 3,851 |  |  |  | — |  |
Total Convertible note payable |  | $ | 4,784 |  |  | $ | 904 |  |
Total debt current |  | $ | 10,082 |  |  | $ | 9,928 |  |
Term Loan |  |  | 3,996 |  |  | $ | — |  |
Total debt long term |  | $ | 3,996 |  |  | $ | — |  |
Total debt |  | $ | 14,078 |  |  | $ | 9,928 |  |
Term Loan [Member] |
Debt Instrument [Line Items] |
Summary of Carrying Value of Convertible Note | The carrying value of the Term Loan is as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Principal and interest |  | $ | 1,997 |  |  | $ | — |
Guarantee fees |  |  | 2,348 |  |  |  | — |
Unamortized debt discount |  |  | (349 | ) |  |  | — |
Aggregate carrying value |  | $ | 3,996 |  |  | $ | — |
Summary of Interest Expense On Convertible Note | Interest expense recognized on the Term Loan is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contractual interest expense |  | $ | 166 |  |  | $ | — |  |  | $ | 450 |  |  | $ | — |
Amortization of debt discount |  |  | 129 |  |  |  | — |  |  |  | 589 |  |  |  | — |
Total |  | $ | 295 |  |  | $ | — |  |  | $ | 1,039 |  |  | $ | — |
Senior Secured Notes Bridge Secured Notes In March 2023, the Company issued an aggregate of $2.0 million of senior secured notes to three investors, including one related party, with associated warrants to purchase the Company’s common stock at an exercise price of $0.0001, in lieu of future cash interest payments under the senior secured notes issued to such investors. In May 2023, the Company repaid the $2.0 million in senior secured notes. June 2023 Notes In June 2023, the Company entered into a note purchase agreement (the "June 2023 Notes") pursuant to which the Company agreed to issue up to $15.8 million in aggregate principal amount of 10% senior secured notes due June 25, 2025 at their sole discretion. The June 2023 Notes are the senior secured obligations of the Company, bear interest at a rate of 10.0% per annum, and contain customary events of default. The maturity date was June 25, 2025, subject to earlier repurchase by the Company. The Company may redeem the June 2023 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the June 2023 Notes to be redeemed, plus any accrued and unpaid interest to (including any additional interest), but excluding, the redemption date. Additional senior secured notes may become available at the sole discretion of the June Lender. As of September 30, 2023, the Company defaulted on the payment of interest due on the June 2023 Notes. On November 3, 2023, the Lender waived their rights to seek remedies resulting from an event of default. The note was amended in January 2024, and subsequently amended in February 2024, to include a conversion provision whereby at any time prior to maturity date the lender has the right to convert any outstanding and unpaid principal and accrued interest of the note into shares of the Company's Series A Preferred Stock at a conversion price of $1.82 per share. In February 2024, the June 2023 Notes were converted into 769,567 shares of Series A Preferred Stock. The Company recognized a loss equal to $0.0 million and $0.4 million on the extinguishment of debt upon conversion to Series A Preferred Stock for three and nine months ended September 30, 2024. November 2023 Bridge Notes On November 10, 2023, the Company issued secured promissory notes (the "November 2023 Bridge Notes") in the aggregate principal amount of approximately $1.9 million, of which approximately $0.8 million was with a related party, with an original issuance discount of 15%, due November 10, 2024. Interest on the outstanding principal of the notes accrues initially at a rate of 3% per annum, with a step-up interest rate of 8% per annum after January 31, 2024 until maturity. The Company elected the fair value option for the notes under ASC Topic 825, Financial Instruments, with changes in fair value recorded in earnings each reporting period. The notes were amended in January 2024, and subsequently amended in February 2024, to include a conversion provision whereby at any time prior to maturity date the lender has the right to convert any outstanding and unpaid principal and accrued interest of the note into shares of the Company's Series A Preferred Stock at a conversion price of $1.82 per share. In February 2024, a portion of the convertible notes were converted into 219,780 shares of Series A Preferred Stock. In March 2024, the notes were amended at a conversion price of $1.50. In March 2024, the remaining portion of the convertible notes were converted into 538,039 shares of Series A Preferred Stock. The Company recognized a loss equal to $0.0 million and $0.3 million on the extinguishment of debt and loss on change in fair value of $0.0 million and $0.3 million upon conversion to Series A Preferred Stock for three and nine months ended September 30, 2024. Q2 2024 Convertible Notes In April and May 2024, the Company issued senior secured convertible preferred notes (the "Q2 2024 Convertible Notes"), in the aggregate principal amount of approximately $1.7 million, due April and May 2025. Interest on the outstanding principal of the notes accrued initially at a rate of 12% per annum. The Company paid a portion of the convertible notes of $0.3 million as of September 30, 2024. In April and May 2024, a portion of the Q2 Convertible Notes were converted into 1,407,186 shares of the Company's Series A Preferred Stock at a blended conversion price of $1.03 per share. The Company recognized a loss equal to $0.0 million and $0.9 million on the extinguishment of debt for the three and nine months ended September 30, 2024. The carrying value of the Senior Secured Notes are as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
June 2023 |  | $ | — |  |  | $ | 1,379 |
November 2023 |  |  | — |  |  |  | 1,717 |
Aggregate carrying value |  | $ | — |  |  | $ | 3,096 |
The change in the balance of the Senior Secured Notes is as follows:
|  | November 2023 |  |  | June 2023 |  |  | Q2 2024 |  |  |  |
(in thousands) |  | Bridge Notes |  |  | Notes |  |  | Convertible Notes |  |  | Total |
Carrying value at December 31, 2023 |  | $ | 1,717 |  |  | $ | 1,379 |  |  | $ | — |  |  | $ | 3,096 |
Issuance of promissory notes |  |  | — |  |  |  | — |  |  |  | 1,680 |  |  |  | 1,680 |
Loss on extinguishment of debt |  |  | 275 |  |  |  | 377 |  |  |  | 904 |  |  |  | 1,556 |
Change in estimated fair value of convertible notes |  |  | 316 |  |  |  | — |  |  |  | — |  |  |  | 316 |
Interest Expense |  |  | — |  |  |  | 21 |  |  |  | 89 |  |  |  | 110 |
Repayment of promissory notes |  |  | — |  |  |  | — |  |  |  | (318 | ) |  |  | (318 | )
Conversion to Series A Preferred Stock |  |  | (2,308 | ) |  |  | (1,777 | ) |  |  | (2,355 | ) |  |  | (6,440 | )
Carrying value at September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Convertible Notes [Member] |
Debt Instrument [Line Items] |
Summary of Change in the Balance of the Debt Instrument | The change in the balance of the Promissory notes as converted to convertible notes is as follows:
|  | August 2023 |  |  | October 2023 |  |  | November 2023 |  |  |  |
(in thousands) |  | Promissory Notes |  |  | Promissory Notes |  |  | Promissory Notes |  |  | Total |
Carrying value at December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Promissory notes assumed in connection with acquisition of CLMBR, Inc. |  |  | 725 |  |  |  | 471 |  |  |  | 691 |  |  |  | 1,887 |
Loss on extinguishment of debt |  |  | 195 |  |  |  | 127 |  |  |  | — |  |  |  | 322 |
Interest Expense |  |  | — |  |  |  | — |  |  |  | 54 |  |  |  | 54 |
Conversion to Series A Preferred Stock |  |  | (920 | ) |  |  | (598 | ) |  |  | — |  |  |  | (1,518 | )
Carrying value at September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | 745 |  |  | $ | 745 |
Senior Secured Notes [Member] |
Debt Instrument [Line Items] |
Summary of Carrying Value of Convertible Note | The carrying value of the Senior Secured Notes are as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
June 2023 |  | $ | — |  |  | $ | 1,379 |
November 2023 |  |  | — |  |  |  | 1,717 |
Aggregate carrying value |  | $ | — |  |  | $ | 3,096 |
Summary of Change in the Balance of the Debt Instrument | The change in the balance of the Senior Secured Notes is as follows:
|  | November 2023 |  |  | June 2023 |  |  | Q2 2024 |  |  |  |
(in thousands) |  | Bridge Notes |  |  | Notes |  |  | Convertible Notes |  |  | Total |
Carrying value at December 31, 2023 |  | $ | 1,717 |  |  | $ | 1,379 |  |  | $ | — |  |  | $ | 3,096 |
Issuance of promissory notes |  |  | — |  |  |  | — |  |  |  | 1,680 |  |  |  | 1,680 |
Loss on extinguishment of debt |  |  | 275 |  |  |  | 377 |  |  |  | 904 |  |  |  | 1,556 |
Change in estimated fair value of convertible notes |  |  | 316 |  |  |  | — |  |  |  | — |  |  |  | 316 |
Interest Expense |  |  | — |  |  |  | 21 |  |  |  | 89 |  |  |  | 110 |
Repayment of promissory notes |  |  | — |  |  |  | — |  |  |  | (318 | ) |  |  | (318 | )
Conversion to Series A Preferred Stock |  |  | (2,308 | ) |  |  | (1,777 | ) |  |  | (2,355 | ) |  |  | (6,440 | )
Carrying value at September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 2023 Convertible Notes [Member] |
Debt Instrument [Line Items] |
Summary of Carrying Value of Convertible Note | The carrying value of the December 2023 Note is as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Principal and interest |  | $ | — |  |  | $ | 2,169 |
Unamortized debt discount |  |  | — |  |  |  | (801 | )
Unamortized issuance costs |  |  | — |  |  |  | (464 | )
Aggregate carrying value |  | $ | — |  |  | $ | 904 |
Summary of Interest Expense On Convertible Note | Interest expense recognized on the December 2023 Note is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contractual interest expense |  | $ | — |  |  | $ | — |  |  | $ | 142 |  |  | $ | — |
Amortization of debt discount |  |  | — |  |  |  | — |  |  |  | 800 |  |  |  | — |
Amortization of debt issuance costs |  |  | 92 |  |  |  | — |  |  |  | 532 |  |  |  | — |
Total |  | $ | 92 |  |  | $ | — |  |  | $ | 1,474 |  |  | $ | — |
February 2024 convertible note [Member] |
Debt Instrument [Line Items] |
Summary of Carrying Value of Convertible Note | The carrying value of the February 2024 Convertible Note is as follows:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Principal and interest |  | $ | 4,708 |  |  | $ | — |
Unamortized debt discount |  |  | (569 | ) |  |  | — |
Unamortized issuance costs |  |  | (288 | ) |  |  | — |
Aggregate carrying value |  | $ | 3,851 |  |  | $ | — |
Summary of Interest Expense On Convertible Note | Interest expense recognized on the February 2024 Convertible Note is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contractual interest expense |  | $ | 305 |  |  | $ | — |  |  | $ | 905 |  |  | $ | — |
Amortization of debt discount |  |  | 679 |  |  |  | — |  |  |  | 1,779 |  |  |  | — |
Amortization of debt issuance costs |  |  | 344 |  |  |  | — |  |  |  | 902 |  |  |  | — |
Total |  | $ | 1,328 |  |  | $ | — |  |  | $ | 3,586 |  |  | $ | — |

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