Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value

Schedule of financial assets and liabilities measured at fair value

	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2023
Cash and Cash Equivalents - Money Market Funds	$	127	$	—	$	—	$	127
Cash and Cash Equivalents - U.S. Government Agency Bonds		—		79,425		—		79,425
Short term investments - U.S. Government Agency Bonds		—		3,954		—		3,954
Private Placement Warrants		—		—		7,053		7,053
December 31, 2022
Cash and Cash Equivalents - Money Market Funds		95		—		—		95
Cash and Cash Equivalents - U.S. Government Agency Bonds		—		36,509		—		36,509
Short term investments - U.S. Government Agency Bonds		—		8,216		—		8,216
Private Placement Warrants	$	—	$	—	$	4,200	$	4,200

Schedule of fair value warrants estimated using the Black-Scholes option-pricing model

	December 31, 2023			December 31, 2022
	Values			Values
Stock Price	$	4.45		$	2.93
Strike price	$	11.50		$	11.50
Holding Period/Term (years)		2.82			3.82
Volatility		66.90	%		62.00	%
Expected dividends		None			None
Risk-Free Rate		4.05	%		4.13	%
Fair value of warrants	$	0.91		$	0.48

Schedule of liabilities measured at fair value

Warrants:	(in thousands)
Balance as of January 1, 2023	$	4,200
Fair value adjustment of Private Placement Warrants		4,101
Reclassification of  Private Placement Warrants to Public Warrants		(1,248	)
Balance as of December 31, 2023	$	7,053