Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Fair Value Level 1 Level 2 Level 3
Liability
Contingent earnout shares liability $ 15  $ —  $ —  $ 15 
Derivative liability, current $ 1,604  $ —  $ —  $ 1,604 
Convertible debt, current $ 63,289  $ —  $ —  $ 63,289 
Derivative liability, non-current $ 15,138  $ —  $ —  $ 15,138 
Warrant liability, non-current $ 80,314  $ —  $ 80,314  $ — 
December 31, 2023
Fair Value Level 1 Level 2 Level 3
Liability
Contingent earnout shares liability $ 41  $ —  $ —  $ 41 
Derivative liability, current $ 860  $ —  $ —  $ 860 
Convertible debt, current $ 16,052  $ —  $ —  $ 16,052 
Derivative liability, non-current $ 25,919  $ —  $ —  $ 25,919 
Warrant liability, non-current $ 17,390  $ —  $ 17,390  $ — 
Schedule of Fair Value of the Initial Loans Based on Assumptions
Tenth Pre-Paid Advance
Stock price $ 3.57 
Risk free interest rate 5.3  %
Interest rate 5.0  %
Expected volatility 150.8  %
Expected dividend yield —  %
Remaining term (in years) 0.5
The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands):
Three months ended
March 31,
2024 2023
Research and development $ 630  $ 4,135 
Selling, general and administrative 10,324  5,701
Total $ 10,954  $ 9,836 
The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:



Expected term (years) 10.0
Risk free interest rate 3.0  %
Expected volatility 91.3  %
Dividend yield —  %
Exercise price $ 49.45 
Stock price $ 83.49 
Expected term (year) 5.0
Expected volatility 131.1  %
Dividend yield —  %
Risk free rate 4.2  %
Estimated fair value per warrant $ 3.30 
Exercise price $ 1.37 
Stock price $ 3.57 
The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:
Expected term (years) 4.4
Expected volatility 131.1  %
Expected dividend rate —  %
Risk free rate 4.2  %
Estimated fair value per warrant $ 2.19 
Exercise price $ 29.90 
Stock price $ 3.57 
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 4.7
Expected volatility 131.1  %
Expected dividend rate —  %
Risk free rate 4.2  %
Estimated fair value per warrant $2.60
Exercise price $15.41
Stock price $3.57
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 4.5
Expected volatility 131.1  %
Expected dividend rate —  %
Risk free rate 4.2  %
Estimated fair value per warrant $2.55
Exercise Price $14.93
Stock Price $3.57
The key inputs used in the valuation were as follows:
Expected term (years) 4.8
Expected volatility 131.1  %
Expected dividend rate —  %
Risk free rate 4.2  %
Estimated fair value per warrant $ 2.63 
Exercise price $ 15.41 
Stock price $ 3.57 
The key inputs used in the valuation were as follows:
Expected term (years) 4.5
Expected volatility 131.1  %
Expected dividend rate —  %
Risk free rate 4.2  %
Estimated fair value per warrant $ 2.61 
Exercise price $ 12.91 
Stock price $ 3.57 
Schedule of Fair Value of Convertible Debt and Earnout Shares Liability
Following is a summary of the change in fair value of the Convertible Debt for the three months ended March 31, 2024 and March 31, 2023 (in thousands).
Three months ended March 31,
Convertible Debt 2024 2023
Beginning fair value $ 16,052  $ — 
Addition during the period 28,960  — 
Payments in cash and common stock during the period (40,307) — 
Change in fair value during the period 58,584  — 
Ending fair value $ 63,289  — 
Following is a summary of the change in fair value of the Earnout Shares liability for the three months ended March 31, 2024 and March 31, 2023 (in thousands).
Three months ended March 31,
Earnout Shares Liability 2024 2023
Beginning fair value $ 41  $ 3,013 
Change in fair value during the period (26) (2,505)
Ending fair value $ 15  $ 508 
Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
Three months ended March 31,
Derivative liability 2024 2023
Beginning fair value $ 26,779  $ — 
Addition during the period —  — 
Change in fair value during the period (10,037) — 
Derecognition of liability upon extinguishment of convertible debt —  — 
Ending fair value $ 16,742  $ — 

Refer to Note 15 for discussion related to warrants fair value measurements.