Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

	Tenth Pre-Paid Advance
Stock price	$	3.57
Risk free interest rate	5.3		%
Interest rate	5.0		%
Expected volatility	150.8		%
Expected dividend yield	—		%
Remaining term (in years)	0.5

The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands):

	Three months ended March 31,
	2024		2023
Research and development	$	630	$	4,135
Selling, general and administrative	10,324		5,701
Total	$	10,954	$	9,836

The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)	10.0
Risk free interest rate	3.0		%
Expected volatility	91.3		%
Dividend yield	—		%
Exercise price	$	49.45
Stock price	$	83.49

Expected term (year)	5.0
Expected volatility	131.1		%
Dividend yield	—		%
Risk free rate	4.2		%
Estimated fair value per warrant	$	3.30
Exercise price	$	1.37
Stock price	$	3.57

The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)	4.4
Expected volatility	131.1		%
Expected dividend rate	—		%
Risk free rate	4.2		%
Estimated fair value per warrant	$	2.19
Exercise price	$	29.90
Stock price	$	3.57

The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)	4.7
Expected volatility	131.1	%
Expected dividend rate	—	%
Risk free rate	4.2	%
Estimated fair value per warrant	$2.60
Exercise price	$15.41
Stock price	$3.57

The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)	4.5
Expected volatility	131.1	%
Expected dividend rate	—	%
Risk free rate	4.2	%
Estimated fair value per warrant	$2.55
Exercise Price	$14.93
Stock Price	$3.57

The key inputs used in the valuation were as follows:

Expected term (years)	4.8
Expected volatility	131.1		%
Expected dividend rate	—		%
Risk free rate	4.2		%
Estimated fair value per warrant	$	2.63
Exercise price	$	15.41
Stock price	$	3.57

The key inputs used in the valuation were as follows:

Expected term (years)	4.5
Expected volatility	131.1		%
Expected dividend rate	—		%
Risk free rate	4.2		%
Estimated fair value per warrant	$	2.61
Exercise price	$	12.91
Stock price	$	3.57