Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy (dollars in thousands):


	December 31, 2023
	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	306
Notes payable1	—		—		86,712

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities	$	—	$	—	$	92,833
Notes payable	—		—		26,008
Earnout shares liability	—		—		2,250
Share-based payment liabilities	—		—		3,977

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

The following table summarizes the activity of Level 3 fair value measurements:


(in thousands)	Warrant Liabilities1		Notes Payable1		Earnout Shares Liability		Liability for Insufficient Authorized Shares Related to Stock Options and RSUs
Balance as of December 31, 2022	$	92,833	$	26,008	$	2,250	$	3,977
Additions	41,080		213,776		—		—
Net disposal pursuant to Warrant Exchange	(16,506)		—		—		—
Exercises	(47,202)		—		—		—
Debt extinguishments	1,317		13,078		—		—
Change in fair value measurements	(71,216)		(28,934)		2,033		—
Payments of notes payable, including periodic interest			(1,167)		—		—
Stock-based compensation expense					—		4,065
Reclassification from liability to equity on February 28, 2023	—		—		(5,014)		(8,978)
Reclassification from equity to liability on April 21, 2023	—		—		2,112		2,979
Reclassification from liability to equity on August 25, 2023	—		—		(1,381)		(2,043)
Conversions of notes to Class A Common Stock			(136,049)		—		—
Balance as of December 31, 2023	$	306	$	86,712	$	—	$	—

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.