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v3.23.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Summary of assets and liabilities measured at fair value on a recurring basis | The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):
September 30, 2023 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 1,638 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,638 |
Short-term investments |  |  | — |  |  |  | 124,581 |  |  |  | — |  |  |  | 124,581 |
Total assets |  | $ | 1,638 |  |  | $ | 124,581 |  |  | $ | — |  |  | $ | 126,219 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |
Warrant liabilities - private warrants |  |  | - |  |  |  | — |  |  |  | 120 |  |  |  | 120 |
Earnout liabilities |  |  | - |  |  |  | — |  |  |  | 18 |  |  |  | 18 |
Total liabilities |  | $ | 103 |  |  | $ | — |  |  | $ | 138 |  |  | $ | 241 |
December 31, 2022 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 285 |  |  | $ | — |  |  | $ | — |  |  | $ | 285 |
Short-term investments |  |  | — |  |  |  | 168,789 |  |  |  | — |  |  |  | 168,789 |
Total assets |  | $ | 285 |  |  | $ | 168,789 |  |  | $ | — |  |  | $ | 169,074 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 209 |  |  | $ | — |  |  | $ | — |  |  | $ | 209 |
Warrant liabilities - private warrants |  |  | - |  |  |  | — |  |  |  | 254 |  |  |  | 254 |
Earnout liabilities |  |  | - |  |  |  | — |  |  |  | 53 |  |  |  | 53 |
Total liabilities |  | $ | 209 |  |  | $ | — |  |  | $ | 307 |  |  | $ | 516 |
Summary of roll-forward of the Level 3 public warrant liability | A roll-forward of the Level 1 public warrant liability is as follows (dollars in thousands):
Opening value at January 1, 2023 |  |  |  |  |  | $ | 209 |
Change in fair value during the period |  |  |  |  |  |  | (107 | )
Ending value at September 30, 2023 |  |  |  |  |  | $ | 103 |
Summary of roll-forward of the Level 3 private warrant liability | A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):
Opening value at January 1, 2023 |  |  |  |  |  | $ | 253 |
Change in fair value during the period |  |  |  |  |  |  | (133 | )
Ending value at September 30, 2023 |  |  |  |  |  | $ | 120 |
Black Scholes Option Pricing Model [Member] |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Summary of roll-forward of the Level 3 private warrant liability | The following table presents the assumptions used to value the private warrant liability for the nine months ended September 30, 2023:
Exercise price |  |  |  |  |  | $ | 368.00 |
Expected volatility |  |  |  |  |  |  | 117.1 | %
Risk-free interest rate |  |  |  |  |  |  | 4.8 | %
Remaining term |  |  |  |  |  | 3.26 years |
Dividend yield |  |  |  |  |  |  | 0 | %
Earnout Shares Liability [Member] |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Summary of roll-forward of the Level 3 derivative asset and liability on loans | A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):
Opening value at January 1, 2023 |  |  |  |  |  | $ | 53 |
Change in fair value during the period |  |  |  |  |  |  | (35 | )
Ending value at September 30, 2023 |  |  |  |  |  | $ | 18 |
Summary of fair value of the derivative asset and liability | The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the period ended September 30, 2023:
Exercise price |  |  |  |  |  | $400-$480 |
Expected volatility |  |  |  |  |  |  | 91.6 | %
Risk-free interest rate |  |  |  |  |  |  | 4.8 | %
Remaining term |  |  |  |  |  | 3.27 years |
Dividend yield |  |  |  |  |  |  | 0 | %

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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