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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following tables summarize the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis as of: September 30, 2024
| Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| Liabilities |  |  |  |  |  |  |  |
| Common stock warrants |  | $ | — |  |  | $ | — |  |  | $ | 457 |  |  | $ | 457 |
| Total |  | $ | — |  |  | $ | — |  |  | $ | 457 |  |  | $ | 457 |
December 31, 2023
| Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| Liabilities |  |  |  |  |  |  |  |
| Common stock warrants |  | $ | — |  |  | $ | — |  |  | $ | 35,453 |  |  | $ | 35,453 |
| Total |  | $ | — |  |  | $ | — |  |  | $ | 35,453 |  |  | $ | 35,453 |
The following table presents the changes in Level 3 instruments measured on a recurring basis for the period ended September 30, 2024:
Balance at December 31, 2023 |  | $ | 35,453 |
Changes in fair value of warrants |  | (28,155) |
Balance at March 31, 2024 |  | $ | 7,298 |
Changes in fair value of warrants |  | (4,372) |
Balance at June 30, 2024 |  | $ | 2,926 |
Changes in fair value of warrants |  | (2,469) |
Balance at September 30, 2024 |  | $ | 457 |
At September 30, 2024 and December 31, 2023, the Company estimated the fair value of the warrants using the Black-Scholes option pricing model with the following assumptions:
| September 30, 2024 | December 31, 2023
Underlying common stock value | $ | 0.54 |  | $ | 27.60 |
Expected term (years) | 3.54 | 4.29
Expected volatility | 156 | % | 99 | %
Risk free interest rate | 4 | % | 4 | %
Dividend yield | — | % | — | %
Fluctuations in the fair value of the Company’s common stock is the primary driver for the change in the common stock warrant liability valuation during each year. As the fair value of the common stock increases the value to the holder of the instrument generally increases.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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