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Warrant liabilities
9 Months Ended
Sep. 30, 2024
Warrant liabilities  
Warrant liabilities

5. Warrant liabilities

Changes to our warrant liabilities are summarized as follows (in thousands):

Total

As of January 1, 2024

$

658

Fair value changes

(94)

As of September 30, 2024

$

564

Our warrant liabilities relate to the 2022 Series A warrants and 2022 Series B warrants, which were issued in November 2022. These warrants are considered to be derivative instruments; accordingly, we recorded their estimated fair value as warrant liabilities. We estimated the fair value of these warrants using the trading market price of our common stock due to a cashless exercise provision of these warrants whereby eight warrants can be exercised for one share of common stock for no additional consideration, which results in an effective per warrant exercise price of zero.