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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy
The following table summarizes the liabilities measured at fair value on a recurring basis as of September 30, 2024 (in thousands): 
Fair Value Measurements at Reporting Date Using
Balance as of
September 30,
2024 		Level 1Level 2Level 3
PIPE Warrants$10,990 $— $— $10,990 
2024 Convertible Note Warrants2,645 — — 2,645 
Convertible Bridge Loan Warrants238 — — 238 
Private Warrants74 — — 74 
Working Capital Warrants61 — — 61 
Subtotal - Derivative warrant liabilities14,008 — — 14,008 
Forward purchase derivative liabilities118 — — 118 
Convertible promissory notes (2024 Convertible Notes)9,709 — — 9,709 
Tranche right derivative liabilities (Tranche Rights)70 — — 70 
Total$23,905 $— $— $23,905 
Schedule of Reconciliation of 2024 Convertible Notes
The following table presents a reconciliation of the 2024 Convertible Notes (in thousands):

Related Party Convertible NotesSecured Convertible NotesUnsecured Convertible NotesTranche Convertible NotesTotal 2024 Convertible Notes
Balance as of December 31, 2023$— $— $— $— $— 
Issuance— — 250 — 250 
Change in fair value— — 478 — 478 
Balance as of March 31, 2024— — 728 — 728 
Issuance543 4,346 1,817 1,160 7,866 
Change in fair value(18)(412)(149)(17)(596)
Repayment— — (739)— (739)
Balance as of June 30, 2024525 3,934 1,657 1,143 7,259 
Issuance— — 2,556 — 2,556 
Change in fair value(14)(179)364 38 209 
Repayment— — (67)(147)(214)
Conversions to equity— — (37)(64)(101)
Balance as of September 30, 2024$511 $3,755 $4,473 $970 $9,709 
Schedule of Fair Value Unobservable Assumption Inputs
The following unobservable assumptions were used in determining the fair value of the 2024 Convertible Notes prior to April 1, 2024:
Credit spread27.5 %
Equity volatility45.0 %
The following unobservable assumptions were used in determining the fair value of the 2024 Convertible Notes following April 1, 2024:

September 30, 2024Issuance Dates
Conversion
41.0% - 60.0%
60.0% - 75.0%
Maturity
14.0% - 20.0%
0.0 %
Default feature
20.0% - 45.0%
25.0% - 40.0%
September 30, 2024Issuance Dates
Dividend yield0.0 %0.0 %
Volatility
137.0% - 167.0%
108.0% - 151.0%
Discount yield
12.3% - 14.7%
14.1% - 17.8%
The following unobservable assumptions were used in determining the fair value of the liability classified warrants as it relates to the PIPE Warrants:
At September 30, 2024At Q2 2024 PIPE Warrant Amendment DateAt Q1 2024 PIPE Warrant Amendment DateAt December 31, 2023
Credit spread8.5 %12.2 %17.8 %12.7 %
Equity volatility115.0 %98.0 %105.0 %100.0 %
The following unobservable assumptions were used in determining the fair value of the liability classified warrants as it relates to the Private Warrants and Working Capital Warrants:
At September 30, 2024At December 31, 2023
Volatility108.0 %35.3 %
Dividend yield (per share) - 0.0%
The following unobservable assumptions were used in determining the fair value of the liability classified warrants as it relates to the Convertible Bridge Loan Warrants and Convertible 2024 Note Warrants:
At September 30, 2024At Issuance Dates
Convertible Bridge Loan Warrants
Volatility
111.0% - 112.0%
98.0% - 105.0%
Dividend yield (per share)0.0%0.0%
2024 Convertible Note Warrants
Volatility
110.0% - 112.0%
96.0% - 106.0%
Dividend yield (per share)0.0%0.0%
The following unobservable assumptions were used in determining the fair value of the forward purchase derivative liabilities, at the respective balance sheet and amendment dates:
September 30, 2024At September Q3 2024 FPA AmendmentAt July Q3 2024 FPA AmendmentAt February Q1 2024 FPA AmendmentAt January Q1 2024 FPA AmendmentDecember 31, 2023
Dividend yield— %— %— %— %— %— %
Equity volatility195.0 %
141.0% - 152.0%
133.0%- 154.0%
145 %105 %115.0 %
The following unobservable assumptions were used in determining the fair value of the 2024 Convertible Note Warrants underlying the Tranche Rights:
September 30, 2024At Issuance Dates
Dividend yield0.0%0.0%
Equity volatility
110.0% - 111.0%
97.0 % - 98.0 %
The following unobservable assumptions were used in determining the fair value of the 2024 Convertible Notes underlying the Tranche Rights:
September 30, 2024Issuance Dates
Conversion55.0 %75.0 %
Maturity20.0 %0.0 %
Default feature25.0 %25.0 %
September 30, 2024Issuance Dates
Dividend yield0.0 %0.0 %
Volatility
101.0% - 108.0%
98.0 %
Discount yield
14.7%
16.9 % - 17.8 %
Schedule of Derivative Liabilities
The following table represents a reconciliation of all liability classified warrants (in thousands):
Private WarrantsWorking Capital WarrantsConvertible Bridge Loan WarrantsConvertible Promissory Note WarrantsPIPE WarrantsTotal
Balance as of December 31, 2023$377 $43 $— $— $25,339 $25,759 
Issuances— — 1,424 323 — 1,747 
Change in fair value in connection with the Q1 2024 PIPE Warrant Amendment— — — — (429)(429)
Change in fair value426 46 398 619 (5,206)(3,717)
Balance as of March 31, 2024803 89 1,822 942 19,704 23,360 
Issuances— — 16 5,247 — 5,263 
Change in fair value in connection with the Q2 2024 PIPE Warrant Amendment— — — — 4,430 4,430 
Reclassification to equity pursuant to sequencing policy— — (297)— — (297)
Change in fair value(378)(42)(701)(1,023)(7,376)(9,520)
Balance as of June 30, 2024425 47 840 5,166 16,758 23,236 
Issuances— — — 2,545 — 2,545 
Exercises of PIPE Warrants— — — — (250)(250)
Change in fair value(351)14 (602)(5,066)(5,518)(11,523)
Balance as of September 30, 2024$74 $61 $238 $2,645 $10,990 $14,008 
The following table presents a reconciliation of the liability classified Consideration Shares (in thousands):

 Consideration Shares
Balance as of December 31, 2023$— 
Additions14 
Change in fair value— 
Balance as of March 31, 202414 
Additions3,926 
Reclassification of liability classified stock to equity(12)
Change in fair value(311)
Balance as of June 30, 20243,617 
Additions1,877 
Reclassification of liability classified stock to equity(3,762)
Change in fair value(1,732)
Balance as of September 30, 2024$— 
The following table presents a reconciliation of the Tranche Rights (in thousands):
Tranche Rights
Balance as of December 31, 2023$— 
Issuance5,045 
Change in fair value(137)
Exercise of tranche rights(572)
Balance as of June 30, 2024$4,336 
Change in fair value(4,266)
Balance as of September 30, 2024$70