Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 were as follows (in thousands):


			Active		Observable		Unobservable
			Markets		Inputs		Inputs
Description	September 30, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents:
Cash and money market funds	$	58,275	$	58,275	$	—	$	—
Total	$	58,275	$	58,275	$	—	$	—
Liabilities:
Warrant liabilities	$	10,084	$	—	$	—	$	10,084
Total	$	10,084	$	—	$	—	$	10,084


			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:


	September 30, 2024			December 31, 2023
Stock price	$	2.15		$	7.79
Average risk-free interest rate		3.59	%		3.96	%
Dividend yield		0.00	%		0.00	%
Average expected life (in years)		2.92			3.67
Average expected volatility		103.93	%		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 nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands):


	September 30, 2024			December 31, 2023
Fair value of warrant liabilities as of beginning of period	$	61,747		$	24,472
Change in fair value		(51,663	)		37,275
Fair value of warrant liabilities as of end of period	$	10,084		$	61,747