Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	December 31, 2023
	Level 1		Level 2		Level 3
Assets
Derivative assets	$	—	$	—	$	—
Restricted short-term investments		—		4,250		—
Total assets	$	—	$	4,250	$	—
Liabilities
Public Warrants	$	—	$	—	$	17
Private Placement Warrants		—		—		9
Term Loan Warrants		—		—		392
Common Stock Warrants		—		—		2,707
Total liabilities	$	—	$	—	$	3,125
	December 31, 2022
	Level 1		Level 2		Level 3
Assets
Derivative assets	$	—	$	462	$	—
Total assets	$	—	$	462	$	—
Liabilities
Public Warrants	$	415	$	—	$	—
Private Placement Warrants		—		—		107
Term Loan Warrants		—		—		1,226
Total liabilities	$	415	$	—	$	1,333

Summary of Fair Value of Significant Assumptions Utilized in the Valuation

The following table presents significant assumptions utilized in the valuation of the Private Placement Warrants on December 31, 2023 and 2022:

	As of December 31,
	2023			2022
Risk-free rate		4.1	%		4.2	%
Dividend yield rate		—			—
Volatility		97.6	%		75.0	%
Contractual term (in years)		2.48			3.49
Exercise price	$	575.00		$	575.00

The following table presents significant assumptions utilized in the valuation of the Public Warrants on December 31, 2023:

	As of December 31,
	2023
Risk-free rate		4.1	%
Dividend yield rate		—
Volatility		97.6	%
Contractual term (in years)		2.48
Exercise price	$	575.00

The following table presents significant assumptions utilized in the valuation of the Common Stock Warrants on December 31, 2023:

	As of December 31,
	2023
Risk-free rate		3.8	%
Dividend yield rate		—
Volatility		75.2	%
Contractual term (in years)		5.44
Exercise price	$	11.24

The following table presents significant assumptions utilized in the valuation of the Term Loan Warrants at December 31, 2023 and 2022:

	As of December 31,
	2023			2022
Risk-free rate		3.8	%		4.0	%
Dividend yield rate		—			—
Volatility		74.5	%		75.0	%
Contractual term (in years)		5.60			6.61
Exercise price	$	20.50		$	92.50

Summary of Change in the Fair Value of the Warrants

The following table presents changes in the fair value of the Private Placement Warrants for the years ended December 31, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2023			2022
Balance, beginning of period	$	107		$	2,133
Change in fair value		(98	)		(2,026	)
Balance, end of period	$	9		$	107

The following table presents changes in the fair value of the Public Warrants for the years ended December 31, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2023			2022
Balance, beginning of period	$	415		$	2,701
Change in fair value		(398	)		(2,286	)
Balance, end of period	$	17		$	415

The following table presents changes in the fair value of the Common Stock Warrants for the year ended December 31, 2023 (in thousands):

	Year ended December 31,
	2023
Balance, beginning of year	$	—
Issued in connection with Equity Offering		3,255
Change in fair value		(548	)
Balance, end of year	$	2,707

The following table presents changes in the fair value of the Term Loan Warrants for the year ended December 31, 2023 and 2022 (in thousands):

	Year ended December 31,
	2023			2022
Balance, beginning of year	$	1,226		$	—
Issued in connection with Term Loan		—			5,236
Amended in connection with Second Amendment		802			—
Change in fair value		(1,636	)		(4,010	)
Balance, end of year	$	392		$	1,226

Summary of Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs

The following table presents the non-recurring losses recognized for the year ended December 31, 2023 due to asset impairments, and the fair value and asset classification of the related assets as of the impairment date (in thousands):

	December 31, 2023
	Fair Value		Total Losses
Goodwill	$	85,166	$	(40,000	)
Other investments		1,000		(4,000	)
Intangible assets		—		(3,092	)
Total	$	86,166	$	(47,092	)