Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): 
  June 30, 2024
  Fair Value Measurements Using
  Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
  (Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 91,322  $ —  $ — 
Liabilities
Warrant liability $ —  $ —  $ 82,855 
Derivative liability $ —  $ —  $ 10,710 

  December 31, 2023
  Fair Value Measurements Using
  Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
  (Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 7,077  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 5,550 

*Investments in money market funds are reflected in cash and cash equivalents on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Changes in the Fair Value
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability and derivative liability for the three and six months ended June 30, 2024 and June 30, 2023:

  Warrant liability Derivative liability Total
Balance at March 31, 2024 $ 194,901  $ 5,670  $ 200,571 
Change in fair value (112,046) 5,040  (107,006)
Balance at June 30, 2024 $ 82,855  $ 10,710  $ 93,565 
  Warrant liability Derivative liability Total
Balance at December 31, 2023 $ —  $ 5,550  $ 5,550 
Initial valuation of warrant liability 194,901  —  194,901 
Change in fair value (112,046) 5,160  (106,886)
Balance at June 30, 2024 $ 82,855  $ 10,710  $ 93,565 

  Derivative liability Total
Balance at March 31, 2023 $ 5,010  $ 5,010 
Change in fair value 40  40 
Balance at June 30, 2023 $ 5,050  $ 5,050 

  Derivative liability Total
Balance at December 31, 2022 $ 4,830  $ 4,830 
Change in fair value 220  220 
Balance at June 30, 2023 $ 5,050  $ 5,050 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The inputs utilized in the valuation as of June 30, 2024 include the following:
As of June 30, 2024
Common stock price $ 12.47 
Expected term (in years) 0.3
Expected volatility 102  %
Risk-free rate 5.47  %
Exercise price $ 5.796933 
Dividend yield rate —  %