Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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.

	September 30, 2023
	Level 1		Level 2		Level 3		Balance
Assets:
Money market funds	$	15,016	$	—	$	—	$	15,016
Total assets	$	15,016	$	—	$	—	$	15,016
Liabilities:
SBG Public Warrants	$	—	$	—	$	93	$	93
SBG Private Placement Warrants	—		—		53		53
February 2023 Warrants	—		—		24,032		24,032
Total liabilities	$	—	$	—	$	24,178	$	24,178
	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 both the SBG Public Warrants and the SBG Private Placement Warrants as of September 30, 2023, using the Black-Scholes option pricing model with the following assumptions:

SBG Common Stock Warrants - Black-Scholes Inputs	September 30, 2023
OWLT stock price	$	4.48
Exercise price of warrants	$	161.00
Term in years	2.79
Risk-free interest rate	4.85		%
Volatility	90.00		%

The Company measured the fair value of the February 2023 Warrants at issuance and again as of September 30, 2023, using the Black-Scholes option pricing model with the following assumptions:

February 2023 Warrants - Black-Scholes Inputs	February 17, 2023			September 30, 2023
OWLT stock price	$	4.78		$	4.48
Exercise price of warrants	$	4.66		$	4.66
Term in years	5.00			4.38
Risk-free interest rate	4.10		%	4.66		%
Volatility	85.00		%	90.00		%

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	$	4.62
Exercise price of warrants	$	5.32
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 SBG Public Warrants, SBG Private Placement Warrants, and February 2023 Warrants (together, the “Level 3 Warrants”) measured at fair value on a recurring basis as of September 30, 2023:

	Level 3 Warrants
Balance as of December 31, 2022	$	724
Issuance of February 2023 Warrants	26,133
Change in fair value included within common stock warrant liability adjustment	(2,679)
Balance as of September 30, 2023	$	24,178