Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Fair Value Measurement

The Company’s assets and liabilities measured and reported in the financial statements at fair value on a recurring basis were as follows (in thousands):

	December 31, 2024
	Level 1		Level 2		Level 3		Balance
Assets:
Money market funds	$	8,223	$	—	$	—	$	8,223
Total assets	$	8,223	$	—	$	—	$	8,223
Liabilities:
SBG Public Warrants	$	—	$	—	$	5	$	5
SBG Private Placement Warrants	—		—		2		2
Series A Warrants	—		—		20,750		20,750
Series B Warrants	—		—		4,586		4,586
Total liabilities	$	—	$	—	$	25,343	$	25,343
	December 31, 2023
	Level 1		Level 2		Level 3		Balance
Assets:
Money market funds	$	16,489	$	—	$	—	$	16,489
Total assets	$	16,489	$	—	$	—	$	16,489
Liabilities:
SBG Public Warrants	$	—	$	—	$	61	$	61
SBG Private Placement Warrants	—		—		35		35
Series A Warrants	—		—		27,685		27,685
Total liabilities	$	—	$	—	$	27,781	$	27,781

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 December 31, 2024 and December 31, 2023, using the Black-Scholes option pricing model with the following assumptions:

SBG Common Stock Warrants - Black-Scholes Inputs	December 31, 2024			December 31, 2023
OWLT stock price	$	4.45		$	5.28
Exercise price of warrants	$	161.00		$	161.00
Term in years	1.54			2.54
Risk-free interest rate	4.21		%	4.11		%
Volatility	90.00		%	85.00		%

The Company measured the fair value of the Series A as of December 31, 2024 and December 31, 2023, using the Black-Scholes option pricing model with the following assumptions:

Series A Warrants - Black-Scholes Inputs	December 31, 2024			December 31, 2023
OWLT stock price	$	4.45		$	5.28
Exercise price of warrants	$	4.66		$	4.66
Term in years	3.13			4.13
Risk-free interest rate	4.28		%	3.91		%
Volatility	90.00		%	85.00		%

The Series B Warrants are presented as Level 3 measurements, relying on unobservable inputs reflecting the Company’s own assumptions. The Company measured the fair value of the Series B Warrants at issuance and again as of December 31, 2024 using the Black-Scholes option pricing model with the following assumptions:

Series B Warrants - Black-Scholes Inputs	December 31, 2024			February 29, 2024
OWLT stock price	$	4.45		$	5.68
Exercise price of warrants	$	7.71		$	7.71
Term in years	4.16			5.00
Risk-free interest rate	4.33		%	4.26		%
Volatility	90.00		%	90.00		%

The Company measured the fair value of the Titan Warrants at issuance on September 11, 2024, using the Black-Scholes option pricing model with the following assumptions:

Titan Warrants - Black-Scholes Inputs	September 11, 2024
OWLT stock price	$	4.35
Exercise price of warrants	$	4.63
Term in years	5.50
Risk-free interest rate	3.47		%
Volatility	85.00		%

The valuation model used the following assumptions:

Redeemable Common Stock - Valuation Inputs	September 11, 2024
Common stock value per share	$	4.35
Put price	$	8.40
Term in years	5.00
Risk-free interest rate	3.42		%
Volatility	85.00		%
Credit spread	9.27		%
Present value discount	63.49		%

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, Series A Warrants, and Series B Warrants (together, the “Level 3 Warrants”) measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

	Level 3 Warrants
Balance as of December 31, 2023	$	27,781
Issuance of Series B Warrants	6,855
Change in fair value included within common stock warrant liability adjustment	(9,293)
Balance as of December 31, 2024	$	25,343