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Fair Value of Financial Instruments (Tables)

9 Months Ended

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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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.

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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.

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