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Preferred Stock and Common Stock Warrants (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques
The assumptions used in the Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants are as follows:
December 31,
20232022
Stock price$4.77 $4.94 
Exercise price$0.01 $0.01 
Risk-free rate4.7 %4.6 %
Volatility78.4 %52.5 %
Term (years)0.51.5
Schedule of Reconciliation of Changes in the Fair Value of the Common Stock Warrants
The following table shows a reconciliation of changes in the fair value of the Common Stock Warrants which are classified as Level 3 in the fair value hierarchy (in thousands):
December 31,
20232022
Beginning balance$6,790 $3,963 
Increase in fair value1,879 5,747 
Exercise— (3,564)
Issuance— 644 
Ending balance$8,669 $6,790