Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of Fair Value Method to Allocate Net Proceeds Received from Sale of Common Stock and Pre-funded Warrants

The Company used the relative fair value method to allocate the net proceeds received from the sales of the PIPE Shares and the Pre-Funded Warrants on the condensed consolidated balance sheet as follows (in thousands):

	Purchase Price Allocation
PIPE Shares	$	110,127
Pre-Funded Warrants		39,826
Total	$	149,953

Schedule of Warrant Liability

The following table summarizes the Company’s warrant liability (in thousands):

	Warrant Liability
Balance at January 1, 2023	$	—
Issuance of SSI Warrants		252
Issuance of Pre-Funded Warrants		39,826
Change in fair value		100,456
Balance at September 30, 2023	$	140,534

Schedule Of Assumptions Used To Estimate Fair Value Of Warrants

The following assumptions were used to estimate the fair value of the warrants at issuance:

Risk-free interest rate		3.46	%
Expected dividend yield	—
Expected term (in years)		5.2
Expected volatility		81	%
Market value of common stock	$	0.71

The Company estimated the fair value of the SSI Warrant liability using the following assumptions as of September 30, 2023:

Risk-free interest rate		3.46	%
Expected dividend yield	—
Expected term (in years)		4.8
Expected volatility		81	%
Market value of common stock	$	3.16