Fair Value Measurements and Hierarchy (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Financial Liabilities

Information about the Company’s financial liabilities measured at fair value on a recurring basis is presented below:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Warrant liability as of September 30, 2023	$	1,793	$	—	$	51	$	1,844
Warrant liability as of December 31, 2022	$	1,477	$	—	$	40	$	1,517

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key Level 3 inputs into the option pricing model related to the private placement warrants to purchase Class A common stock were as follows:

	September 30, 2023		December 31, 2022
Volatility	80.0%		55.0%
Risk-free interest rate	4.8%		4.1%
Exercise price	$	11.50	$	11.50
Expected term	3.2 years		3.9 years

Schedule of Changes in the Fair Value

The following tables set forth a summary of changes in the fair value of the Company’s private placement warrants to purchase Class A common stock, which are considered to be Level 3 fair value measurements:

	Nine Months Ended September 30,
	2023		2022
	(in thousands)
Beginning balance	$	40	$	502
Mark-to-market adjustment	11		(280)
Ending balance	$	51	$	222