Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 14. FAIR VALUE MEASUREMENTS

The Company has no assets that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023. There were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended September 30, 2024. Liabilities measured at fair value on a recurring basis as of September 30, 2024, are summarized as follows:

in thousands	Level	September 30, 2024		December 31, 2023
Derivative liability	3	$	110	$	37
Warrant liability	2		27,012		268
Total		$	27,122	$	305

The following table details the roll-forward of the Level 3 liabilities during the nine months ended September 30, 2024:

in thousands	Derivative liability
Balance at December 31, 2023	$	(37	)
Change in fair value of derivative liability		(60	)
Issuance of note		(13	)
Balance at September 30, 2024	$	(110	)

As of September 30, 2024, the certain embedded features within the Yorkville SEPA are treated as a derivative liability and changes in the fair value were recognized in the change in fair value of warrant and derivative liabilities in the condensed consolidated statements of operations. The embedded derivative liability is valued at each of the reporting period; the following table details the significant market-based inputs:

	September 30, 2024			December 31, 2023
Price of Common Stock	$	0.15		$	2.27
Volatility		50	%		40	%
Market Risk Spread		10.28	%		12.37	%
Expected Term (in years)		1.00			1.25