Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Property, Machinery and Equipment, Net

The estimated useful lives of fixed assets by asset category are described below:

Fixed Assets	Estimated Useful Life
Computer equipment	Three years
Furniture and fixtures	Five years
Leasehold improvements	Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment	Seven years

Property, machinery and equipment, net consisted of the following:

(in thousands)	September 30, 2024		December 31, 2023
Computer equipment	$	10	$	10
Leasehold improvements	2,391		2,394
Machinery and equipment	2,839		3,411
Property, machinery and equipment, gross	5,240		5,815
Less: accumulated depreciation	(2,871)		(2,563)
Property, machinery and equipment, net	$	2,369	$	3,252

Schedule of Disaggregation of Revenue

The disaggregation of revenue by type is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Transportation services	$	—	$	—	$	—	$	1,305
Hosted payload services	—		284		—		426
Forfeited customer deposits	—		55		35		335
Engineering project services	107		—		1,794		—
Total revenue	$	107	$	339	$	1,829	$	2,066

Schedule of Changes in Fair Value of Liabilities

The change in fair values of liabilities subject to recurring remeasurement were as follows:

(in thousands)	Warrant Liability (Level 3)
Balance, December 31, 2023	$	3
Change in Fair Value	—
Balance, September 30, 2024	$	3

Schedule of Fair Value Inputs

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of each period end were as follows:

	September 30, 2024		December 31, 2023
Warrant term (years)	1.87		2.61
Volatility	177.23	%	113.50	%
Risk-free rate	3.70	%	4.05	%
Dividend yield	0.00	%	0.00	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:

	Class A Warrants		Class B Warrants		Placement Agent Warrants
Warrant term (years)	5.50		1.50		1.49
Volatility	97.50	%	97.50	%	97.50	%
Risk-free rate	3.46	%	3.79	%	3.79	%
Dividend yield	—	%	—	%	—	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:

Warrant term (years)	5.00
Volatility	95.00	%
Risk-free rate	4.33	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:

	Pre Modification		Post Modification
Warrant term (years)	4.87		5.00
Volatility	95.00	%	95.00	%
Risk-free rate	4.22	%	4.21	%
Dividend yield	—	%	—	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:

Warrant term (years)	5.00
Volatility	97.50	%
Risk-free rate	4.02	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:

	Pre Modification		Post Modification
Warrant term (years)	4.83		5.00
Volatility	97.50	%	97.50	%
Risk-free rate	3.85	%	3.84	%
Dividend yield	—	%	—	%