Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The table below presents the liabilities (in thousands) measured and recorded in the financial statements at fair value on a recurring basis at June 30, 2024 categorized by the level of inputs used in the valuation of each liability.

	June 30, 2024
	Total		Level 1		Level 2		Level 3
Liabilities
Warrant Liability	$	15,400	$	—	$	—	$	15,400
Total Liabilities	$	15,400	$	—	$	—	$	15,400
	December 31, 2023
Liabilities
Warrant Liability	$	17,200	$	—	$	—	$	17,200
Total Liabilities	$	17,200	$	—	$	—	$	17,200

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The table below presents the liabilities (in thousands) measured and recorded in the financial statements at fair value on a recurring basis at June 30, 2024 categorized by the level of inputs used in the valuation of each liability.

	June 30, 2024
	Total		Level 1		Level 2		Level 3
Liabilities
Warrant Liability	$	15,400	$	—	$	—	$	15,400
Total Liabilities	$	15,400	$	—	$	—	$	15,400
	December 31, 2023
Liabilities
Warrant Liability	$	17,200	$	—	$	—	$	17,200
Total Liabilities	$	17,200	$	—	$	—	$	17,200

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation

The reconciliation of the Company's warrant liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows (in thousands):

	Warrant Liability
Balance, December 31, 2023	$	17,200
Warrants issued	—
Change in fair value of liability	(1,800)
Balance, June 30, 2024	$	15,400

Schedule of Significant Unobservable Inputs in Valuation of Warrants

The estimated fair value of the warrant liability is determined using Level 3 inputs. The inputs and values were as follows:

	June 30, 2024			December 31, 2023
Stock price	$	1.04		$	1.29
Strike price	$	1.00		$	2.57
Expected volatility	57.5		%	60.0		%
Risk-free interest rate	4.4		%	3.9		%
Expected dividend yield	—		%	—		%
Expected life (years)	3.4			3.9
Fair value per warrant	$	0.51		$	0.57