Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Company's Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial liabilities that are measured at fair value on a recurring basis in the condensed consolidated financial statements (in thousands):

	Fair Value Measurements at September 30, 2024 Using:
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible notes at fair value	$	—	$	—	$	8,036	$	8,036
SAFE notes at fair value		—		—		22		22
Mandatory convertible security		—		—		13,420		13,420
GEM derivative liability		—		—		—		—
Total financial liabilities	$	—	$	—	$	21,478	$	21,478

	Fair Value Measurements at December 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible notes at fair value	$	—	$	—	$	7,715	$	7,715
SAFE notes at fair value		—		—		25		25
GEM derivative liability		—		—		11,333		11,333
Total financial liabilities	$	—	$	—	$	19,073	$	19,073

Schedule of Reconciliation of Activity and Changes in Fair Value for Company's Convertible Loans and Redeemable Convertible Preferred Stock Warrant Liability

The following table provides a reconciliation of activity and changes in fair value for the Company’s convertible loans and redeemable convertible preferred stock warrant liability using inputs classified as Level 3 (in thousands):

	Convertible Notes at Fair Value		SAFE Notes			Mandatory Convertible Security			GEM Derivative Liability
Balance at December 31, 2023	$	7,715	$	25		$	—		$	11,333
Advances received on share purchase agreement		—		—			—			2,500
Draws on share purchase agreement		—		—			—			1,394
Borrowings on convertible notes		34		—			—			—
Settlement in common shares		—		—			(910	)		(4,326	)
Change in fair value		287		(3	)		1,201			433
Reclassifications							13,129			(11,334	)
Balance at September 30, 2024	$	8,036	$	22		$	13,420		$	—

Summary of Carrying Amounts and Fair Values of Long-term Debt Obligations

The carrying amounts and fair values of the Company’s long-term debt obligations were as follows:

	As of September 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current maturities	$	22,529	$	22,506	$	25,794	$	26,036
Term notes payable to related parties	$	48,272	$	48,191	$	18,610	$	18,541