Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Instrument [Line Items]

Summary of Debt

Debt consisted of the following:

	June 30,		December 31,
(in thousands)	2024		2023
Principal stockholder promissory notes	$	5,060	$	5,085
Other related party promissory notes		—		721
Term Loan		7,116		—
Total Loan Payable		12,176		5,806
June 2023 notes		—		1,379
November 2023 bridge notes		—	$	1,717
Total Senior secured notes	$	—	$	3,096
Derivatives	$	938	$	122
December 2023 convertible note		58		904
Other related party convertible notes		183		—
Other convertible notes		723		—
February 2024 convertible note		4,052		—
Total Convertible note payable	$	5,016	$	904
Total debt current	$	18,130	$	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:

	June 30,			December 31,
(in thousands)	2024			2023
Principal and interest	$	5,247		$	—
Guarantee fees		2,348			—
Unamortized debt discount		(478	)		—
Aggregate carrying value	$	7,117		$	—

Summary of Interest Expense On Convertible Note

Interest expense recognized on the Term Loan is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Contractual interest expense	$	226	$	—	$	284	$	—
Amortization of debt discount		121		—		460		—
Total	$	347	$	—	$	744	$	—

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		195			127			—		322
Interest Expense		—			—			32		32
Conversion to Series A Preferred Stock		(920	)		(598	)		—		(1,518	)
Carrying value at June 30, 2024	$	—		$	—		$	723	$	723

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 2023			June 2023			Q2 2024
(in thousands)	Bridge Notes			Notes			Convertible Notes			Total
Carrying value at December 31, 2023	$	1,717		$	1,379		$	—		$	3,096
Issuance of promissory notes		—			—			1,680			1,680
Loss on extinguishment of debt		201			377			904			1,482
Change in estimated fair value of convertible notes		316			—			—			316
Interest Expense		—			21			89			110
Repayment of promissory notes		—			—			(318	)		(318	)
Conversion to Series A Preferred Stock		(2,234	)		(1,777	)		(2,355	)		(6,366	)
Carrying value at June 30, 2024	$	—		$	—		$	—		$	—

Summary of Carrying Value of Convertible Note

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

	June 30,		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:

	June 30,			December 31,
(in thousands)	2024			2023
Principal and interest	$	150		$	2,169
Unamortized debt discount		—			(801	)
Unamortized issuance costs		(92	)		(464	)
Embedded derivative liability		—			122
Aggregate carrying value	$	58		$	1,026

Summary of Interest Expense On Convertible Note

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Contractual interest expense	$	104	$	—	$	142	$	—
Amortization of debt discount		589		—		800		—
Amortization of debt issuance costs		318		—		440		—
Total	$	1,011	$	—	$	1,382	$	—

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:

	June 30,			December 31,
(in thousands)	2024			2023
Principal and interest	$	5,932		$	—
Unamortized debt discount		(1,248	)		—
Unamortized issuance costs		(632	)		—
Aggregate carrying value	$	4,052		$	—

Summary of Interest Expense On Convertible Note

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Contractual interest expense	$	360	$	—	$	600	$	—
Amortization of debt discount		664		—		1,100		—
Amortization of debt issuance costs		337		—		558		—
Total	$	1,361	$	—	$	2,258	$	—