Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Fair Value Measurement

The following table presents information about the Company's assets and liabilities measured and reported in the financial statements at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	March 31, 2023
	Level 1		Level 2		Level 3		Balance
Assets:
Money market funds	$	23,963	$	—	$	—	$	23,963
Total assets	$	23,963	$	—	$	—	$	23,963
Liabilities:
SBG Public Warrants	$	445	$	—	$	—	$	445
SBG Private Placement Warrants	—		255		—		255
February 2023 Warrants	—		—		24,245		24,245
Total liabilities	$	445	$	255	$	24,245	$	24,945
	December 31, 2022
	Level 1		Level 2		Level 3		Balance
Assets:
Money market funds	$	11,070	$	—	$	—	$	11,070
Total assets	$	11,070	$	—	$	—	$	11,070
Liabilities:
SBG Public Warrants	$	460	$	—	$	—	$	460
SBG Private Placement Warrants	—		264		—		264
Total liabilities	$	460	$	264	$	—	$	724

Schedule of Black-Scholes Option Pricing Model Assumptions

The Company measured the fair value of the February 2023 Warrants at issuance and again as of March 31, 2023, using the Black-Scholes option pricing model with the following assumptions:

February 2023 Warrants - Black-Scholes Inputs	February 17, 2023			March 31, 2023
OWLT stock price	$	0.341		$	0.324
Exercise price of warrants	$	0.333		$	0.333
Term in years	5.00			4.88
Risk-free interest rate	4.10		%	3.61		%
Volatility	85.00		%	85.00		%

The Company measured the fair value of the SVB Warrants (see Note 4) at issuance as of March 27, 2023, using the Black-Scholes option pricing model with the following assumptions:

SVB Warrants - Black-Scholes Inputs	March 27, 2023
OWLT stock price	$	0.330
Exercise price of warrants	$	0.380
Term in years	12.00
Risk-free interest rate	3.60		%
Volatility	85.00		%

Reconciliation of Preferred Stock Warrant Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents a reconciliation of the Company’s February 2023 Warrants measured at fair value on a recurring basis as of March 31, 2023:

	February 2023 Warrants
Balance as of December 31, 2022	$	—
Issuance of February 2023 Warrants	26,133
Change in fair value included within common stock warrant liability adjustment	$	(1,888)
Balance as of March 31, 2023	$	24,245