Fair Value Measurements and Hierarchy (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024	$	950	$	—	$	24,505	$	25,455
Warrant liability as of December 31, 2023	$	1,056	$	—	$	29	$	1,085

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

	June 30, 2024			December 31, 2023
Volatility	95		%	75		%
Risk-free interest rate	4.33		%	4.01		%
Exercise price	$	0.51		$	11.50
Expected term	6.9 Years			2.9 Years

The key Level 3 inputs into the option pricing model related to the Common Warrants were as follows:

Volatility	95		%
Risk-free interest rate	4.50		%
Exercise price	$	0.50
Expected term	7.0 Years

Schedule of Changes in the Fair Value

The following table sets 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:

	Six Months Ended June 30,
	2024		2023
	(in thousands)
Beginning balance	$	29	$	40
Issuance of Common Warrants (see Note 12)	33,259		—
Mark-to-market adjustment of stock warrants	(8,783)		27
Ending balance	$	24,505	$	67