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 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 June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
Fair Value Level 1 Level 2 Level 3
Liability
Contingent earnout shares liability $ —  $ —  $ —  $ — 
Derivative liability, current $ —  $ —  $ —  $ — 
Convertible debt, current $ 47,228  $ —  $ —  $ 47,228 
Derivative liability, non-current $ 33,242  $ —  $ —  $ 33,242 
Warrant liability, non-current $ 55,995  $ —  $ 55,995  $ — 
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
June Prepaid Advance
Stock price $ 2.13  $ 2.13 
Risk free interest rate 5.4  % 5.3  %
Interest rate 5.0  % 5.0  %
Expected volatility 116.7  % 144.0  %
Expected dividend yield —  % —  %
Remaining term (in years) 0.2 0.5
The following table summarizes the Company’s stock-based compensation expense by line item for the three and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,
 Six months ended June 30,
2024 2023 2024 2023
Research and development $ (680) $ 209  $ (50) $ 4,344 
Selling, general and administrative 1,808  6,498 12,132  12,199
Total $ 1,128  $ 6,707  $ 12,082  $ 16,543 
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 
The key inputs used in the valuation were as follows:
Expected term (year) 4.7
Expected volatility 117.5  %
Dividend yield —  %
Risk free rate 4.3  %
Estimated fair value per warrant $ 1.82 
Exercise price $ 1.37 
Stock price $ 2.13 
The key inputs used in the valuation were as follows:
Expected term (years) 4.1
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.4  %
Estimated fair value per warrant $ 0.87 
Exercise price $ 29.90 
Stock price $ 2.13 
The key inputs used in the valuation were as follows:
Expected term (years) 4.5
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.3  %
Estimated fair value per warrant $1.18
Exercise price $15.41
Stock price $2.13
The key inputs used in the valuation were as follows:
Expected term (years) 4.3
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.4  %
Estimated fair value per warrant $1.14
Exercise Price $14.93
Stock Price $2.13
The key inputs used in the valuation were as follows:
Expected term (years) 4.6
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.3  %
Estimated fair value per warrant $ 1.20 
Exercise price $ 15.41 
Stock price $ 2.13 
The key inputs used in the valuation were as follows:
Expected term (years) 4.3
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.4  %
Estimated fair value per warrant $ 1.19 
Exercise price $ 12.91 
Stock price $ 2.13 
The key inputs used in the valuation were as follows:
Expected term (years) 4.8
Expected volatility 117.5  %
Expected dividend rate —  %
Risk free rate 4.3  %
Estimated fair value per warrant $ 1.74 
Exercise price $ 2.24 
Stock price $ 2.13 
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 six months ended June 30, 2024 and June 30, 2023 (in thousands).
Six months ended June 30,
Convertible Debt 2024 2023
Beginning fair value $ 16,052  $ — 
Additions during the period 46,894  — 
Payments in cash and common stock during the period (57,241) — 
Change in fair value during the period 41,523  — 
Ending fair value $ 47,228  — 
Following is a summary of the change in fair value of the Earnout Shares liability for the six months ended June 30, 2024 and June 30, 2023 (in thousands).
Six months ended June 30,
Earnout Shares Liability 2024 2023
Beginning fair value $ 41  $ 3,013 
Change in fair value during the period (41) (2,564)
Ending fair value $ —  $ 449 
Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
Six months ended June 30,
Derivative liability 2024 2023
Beginning fair value $ 26,779  $ — 
Additions during the period 24,857  — 
Derecognition of liability upon expiration of agreement (1,604) — 
Change in fair value during the period (16,790) 4,359 
Ending fair value $ 33,242  $ 4,359