Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy. There were no non-recurring fair value measurements, as the Company does not have any long-lived assets, including fixed assets, intangible assets or goodwill which can require non-recurring measurements for impairment.

	Fair Value Measurements as of June 30, 2024
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	—	$	—
Liability classified warrants		—		—		303		303
	$	—	$	—	$	303	$	303
	Fair Value Measurements as of December 31, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
Liabilities:
Convertible notes	$	—	$	—	$	4,179	$	4,179
Liability classified warrants		—		—		2,307		2,307
Total	$	—	$	—	$	6,486	$	6,486

Summary of Changes in Forward Option and Convertible Notes Derivative Liability

The following table presents the changes in the forward option-prepaid forward contracts, convertible notes measured at fair value, warrants liability, and the notes derivative liability for the periods ended June 30, 2024 and December 31, 2023 (in thousands):

Level 3 Roll Forward	Convertible Notes			Liability Classified Warrants
Balance as of December 31, 2023	$	4,373		$	2,307
Additions		501			586
Cash paid to settle		(700	)		—
Exchange for short-term note payable		—			(450	)
Shares issued upon conversion or exercise		(4,922	)		(3,106	)
Changes in fair value		748			966
Balance as of June 30, 2024	$	—		$	303

Schedule of Significant Assumptions Valuing of Fair Value

The liability classified warrants as of June 30, 2024 and December 31, 2023, include three classes of warrants, and therefore, the range of assumptions used has been provided. Significant assumptions used in valuing warrants which require liability classification were as follows as of June 30, 2024 and December 31, 2023.

	As of June 30, 2024
Expected volatility		115.00	%
Equivalent term (#)		3.33
Risk-free rate		4.37	%
Dividend yield		0.00	%
Stock price	$	7.59
Strike price (#)	$	287.50

		As of December 31, 2023
		Minimum				Maximum
Expected volatility			85.00	%			90.00	%
Equivalent term			4.04				4.65
Risk-free rate			3.84	%			3.90	%
Dividend yield			0.00	%			0.00	%
Stock price	$		0.44		$		0.44
Strike price	$		0.50		$		11.50