Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Liabilities Measured on Recurring Basis

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

	Level	March 31, 2023		December 31, 2022
Liabilities:
Warrant liability – Public Warrants	1	$	875	$	1,250
Warrant liability – Private Placement Warrants	3	490		840
Total warrant liability		$	1,365	$	2,090

Schedule of Derivative Liabilities at Fair Value

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):

	Three Months Ended March 31, 2023
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	1,250	$	840	$	2,090
Change in valuation inputs or other assumptions	(375)		(350)		(725)
Fair value, end of period	$	875	$	490	$	1,365

	Three Months Ended March 31, 2022
	Public Warrants		Private Placement Warrants		Warrant Liabilities
Fair value, beginning of period	$	16,750	$	10,710	$	27,460
Change in valuation inputs or other assumptions	10,750		7,469		18,219
Fair value, end of period	$	27,500	$	18,179	$	45,679

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	March 31, 2023			December 31, 2022
Exercise price	$	11.50		$	11.50
Stock price	$	0.85		$	1.01
Volatility	82.6		%	82.3		%
Term (years)	3.21			3.46
Risk-free interest rate	3.79		%	4.17		%