Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 were as follows (in thousands):


			Active		Observable		Unobservable
			Markets		Inputs		Inputs
Description	June 30, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents:
Cash and money market funds	$	78,964	$	78,964	$	—	$	—
Total	$	78,964	$	78,964	$	—	$	—
Liabilities:
Warrant liabilities	$	30,387	$	—	$	—	$	30,387
Total	$	30,387	$	—	$	—	$	30,387


			Active		Observable		Unobservable
			Markets		Inputs		Inputs
Description	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents:
Cash and money market funds	$	139,526	$	139,526	$	—	$	—
Total	$	139,526	$	139,526	$	—	$	—
Liabilities:
Warrant liabilities	$	61,747	$	—	$	—	$	61,747
Total	$	61,747	$	—	$	—	$	61,747

Summary of Assumptions Used to Record Fair Value of Warrants

A summary of the Black Scholes pricing model assumptions used to record the fair value of the warrants is as follows:


	June 30, 2024			December 31, 2023
Stock price	$	5.16		$	7.79
Average risk-free interest rate		4.51	%		3.96	%
Average expected life (in years)		3.17			3.67
Average expected volatility		84.59	%		87.63	%

Summary of Changes in Level 3 Warrant Liabilities Measured at Fair Value on Recurring Basis

The following table reflects the change in the Company’s Level 3 warrant liabilities for the six months ended June 30, 2024 and the year ended December 31, 2023 (in thousands):


	June 30, 2024			December 31, 2023
Fair value of warrant liabilities as of beginning of period	$	61,747		$	24,472
Change in fair value		(31,360	)		37,275
Fair value of warrant liabilities as of end of period	$	30,387		$	61,747