Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instrument [Line Items]

Summary of Debt

Debt consisted of the following:

	March 31,		December 31,
(in thousands)	2024		2023
Principal stockholder promissory notes	$	4,975	$	5,085
Other related party promissory notes		—		721
Term Loan		9,770		—
Total Loan Payable		14,745		5,806
June 2023 notes		—		1,379
November bridge notes		—	$	1,717
Total Senior secured notes	$	—	$	3,096
Embedded derivatives	$	68	$	122
December 2023 convertible note		251		904
Other related party convertible notes		174		—
Other convertible notes		706		—
February 2024 convertible note		3,170		—
Total Convertible note payable	$	4,301	$	904
Total debt current	$	19,114	$	9,928

Term Loan [Member]

Debt Instrument [Line Items]

Summary of Carrying Value of Convertible Note

The carrying value of the Term Loan is as follows:

	March 31,			December 31,
(in thousands)	2024			2023
Principal and interest	$	8,021		$	—
Guarantee fees		2,348			—
Unamortized debt discount		(599	)		—
Aggregate carrying value	$	9,770		$	—

Summary of Interest Expense On Convertible Note

Interest expense recognized on the Term Loan is as follows:

	March 31,		March 31,
(in thousands)	2024		2023
Contractual interest expense	$	58	$	—
Amortization of debt discount		339		—
Total	$	397	$	—

Convertible Notes [Member]

Debt Instrument [Line Items]

Summary of change in the balance of the Debt Instrument

The change in the balance of the Promissory notes as converted to convertible notes is as follows:

	August 2023			October 2023			November 2023
(in thousands)	Promissory Notes			Promissory Notes			Promissory Notes		Total
Carrying value at December 31, 2023	$	—		$	—		$	—	$	—
Promissory notes assumed in connection with acquisition of CLMBR, Inc.		725			471			691		1,887
Loss on extinguishment of debt		239			155			—		394
Interest Expense		—			—			15		15
Conversion to Series A Preferred Stock		(964	)		(626	)		—		(1,590	)
Carrying value at March 31, 2024	$	—		$	—		$	706	$	706

Senior Secured Notes [Member]

Debt Instrument [Line Items]

Summary of change in the balance of the Debt Instrument

The change in the balance of the Senior Secured Notes is as follows:

	November 10, 2023			June 6, 2023
(in thousands)	Bridge Notes			Notes			Total
Carrying value at December 31, 2023	$	1,717		$	1,379		$	3,096
Loss on extinguishment of debt		275			462			737
Change in estimated fair value of convertible notes		316			-			316
Interest Expense		—			21			21
Conversion to Series A Preferred Stock		(2,308	)		(1,862	)		(4,170	)
Carrying value at March 31, 2024	$	-		$	-		$	-

Summary of Carrying Value of Convertible Note

The carrying value of the Senior Secured Notes is as follows:

	March 31,		December 31,
(in thousands)	2024		2023
June 2023	$	—	$	1,379
November 2023		—		1,717
Aggregate carrying value	$	—	$	3,096

December 2023 Convertible Notes [Member]

Debt Instrument [Line Items]

Summary of Carrying Value of Convertible Note

The carrying value of the December 2023 Note is as follows:

	March 31,			December 31,
(in thousands)	2024			2023
Principal and interest	$	1,251		$	2,169
Unamortized debt discount		(589	)		(801	)
Unamortized issuance costs		(410	)		(464	)
Embedded derivative liability		68			122
Aggregate carrying value	$	320		$	1,026

Summary of Interest Expense On Convertible Note

Interest expense recognized on the December 2023 Note is as follows:

	March 31,		March 31,
(in thousands)	2024		2023
Contractual interest expense	$	38	$	—
Amortization of debt discount		211		—
Amortization of debt issuance costs		122		—
Total	$	371	$	—

February 2024 convertible note [Member]

Debt Instrument [Line Items]

Summary of Carrying Value of Convertible Note

The carrying value of the February 2024 Convertible Note is as follows:

	March 31,			December 31,
(in thousands)	2024			2023
Principal and interest	$	6,051		$	—
Unamortized debt discount		(1,912	)		—
Unamortized issuance costs		(969	)		—
Aggregate carrying value	$	3,170		$	—

Summary of Interest Expense On Convertible Note

Interest expense recognized on the February 2024 Convertible Note is as follows:

	March 31,		March 31,
(in thousands)	2024		2023
Contractual interest expense	$	240	$	—
Amortization of debt discount		436		—
Amortization of debt issuance costs		221		—
Total	$	897	$	—