Warrants (Tables)

9 Months Ended

Sep. 30, 2024

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 2023 Pre-Funded Warrants on the consolidated balance sheet as follows (in thousands):

	Purchase Price Allocation
PIPE Shares	$	110,127
2023 Pre-Funded Warrants		39,826
Total	$	149,953

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 (per share)	$	0.71

The Company estimated the fair value of the SSI Warrant liability using the following assumptions as of September 30, 2024:

Risk-free interest rate		3.50	%
Expected dividend yield		—
Expected term (in years)		4.3
Expected volatility		88	%
Market value of common stock (per share)	$	2.01

Schedule of Warrant Liability

The following table summarizes changes in the Company’s warrant liability during the nine months ended September 30, 2024 (in thousands):

	Warrant Liability
Balance at January 1, 2024	$	454
Change in fair value		67
Balance at September 30, 2024	$	521