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Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value  
Schedule of financial assets and liabilities measured at fair value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

March 31, 2024

 

 

 

 

 

 

 


 

 

Cash and Cash Equivalents - Money Market Funds
$ 117

$


$

$ 117
Cash and Cash Equivalents - Available-for-sale debt securities with fair value option election




70,242





70,242
Short term investments - Available-for-sale debt securities with fair value option election




5,922





5,922

Private Placement Warrants

 


 

 


 

 


17,761

 

 


17,761

 


















December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - Money Market Funds
$ 127

$

$

$ 127
Cash and Cash Equivalents - Trading debt securities




79,425





79,425
Short term investments - Trading debt securities




3,954





3,954

Private Placement Warrants

 

$

 

 

$

 

 

$

7,053

 

 

$

7,053

 

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

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Values

 

 

Values

 

Stock Price

 

$

6.58

 

 

$

4.45

 

Strike price

 

$

11.50

 

 

$

11.50

 

Holding Period/Term (years)

 

 

2.58

 

 

 

2.82

 

Volatility

 

 

85.50

%

 

 

66.90

%

Expected dividends

 

 

None

 

 

 

None

 

Risk-Free Rate

 

 

4.48

%

 

 

4.05

%

Fair value of warrants

 

$

2.61

 

 

$

0.91

 

Schedule of liabilities measured at fair value

Warrants:

 

(in thousands)

 

Balance as of December 31, 2023

 

$

7,053

 

Fair value adjustment of Private Placement Warrants

 

 

13,176

Reclassification of warrant liability to Common Stock warrants

(2,468 )

Balance as of March 31, 2024

 

$

17,761