v3.24.1.u1
Fair Value Measurements (Tables)
3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Fair Value Measurements [Abstract]    
Schedule of Financial Instruments Measured at Fair Value The following table provides a reconciliation of the balance of financial instruments measured at fair value on a recurring basis using Level 3 inputs:
 

Earnout
Liability

 

PIPE Make-Whole
Liability

 

Private
Warrants
and Other
Warrants

 

SAFEs

Three months ended December 31, 2023:

 

 

 

 

 

 

   

 

   

 

 

 

Balance, September 30, 2023

 

$

—

 

 

$

—

 

$

—

 

$

1,512

 

Liabilities recognized

 

 

33,559

 

 

 

2,071

 

 

783

 

 

—

 

Conversion to Class A Common Stock in the Merger

 

 

—

 

 

 

—

 

 

—

 

 

(1,522

)

Change in fair value included in net income (loss)

 

 

(24,764

)

 

 

2,904

 

 

60

 

 

10

 

Balance, December 31, 2023

 

$

8,795

 

 

$

4,975

 

$

843

 

$

—

 

 

SAFEs

Three months ended December 31, 2022:

 

 

 

Balance, September 30, 2022

 

$

1,983

Issuance of SAFEs

 

 

—

Change in fair value included in net income (loss)

 

 

50

Balance, December 31, 2022

 

$

2,033

The following table provides a reconciliation of the balance of financial instruments measured at fair value on a recurring basis using Level 3 inputs:
 

Year ended September 30,

   

2023

 

2022

Balance, beginning of period

 

$

1,983

 

 

$

—

Issuance of SAFEs

 

 

—

 

 

 

1,900

Change in fair value of SAFEs included in net loss

 

 

655

 

 

 

83

Conversion of SAFEs to common stock

 

 

(1,126

)

 

 

—

Balance, end of period

 

$

1,512

 

 

$

1,983

Schedule of Liabilities Measured at Fair Value on a Recurring Basis Liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows:
 

Level 1

 

Level 2

 

Level 3

 

Total

Earnout liability

 

$

—

 

$

—

 

$

8,795

 

$

8,795

PIPE make-whole liability

 

 

—

 

 

—

 

 

4,975

 

 

4,975

Private Warrants and other warrants

 

 

—

 

 

—

 

 

843

 

 

843

Total

 

$

—

 

$

—

 

$

14,613

 

$

14,613

 
Schedule of Assumptions Used in Estimating the Fair Value The following table summarizes the assumptions used in estimating the fair value of the earnout liability at the respective dates:
 

December 21,
2023
(Closing)

 

December 31,
2023

Stock price

 

$

10.66

 

 

$

4.02

 

Expected volatility

 

 

50

%

 

 

50

%

Risk-free rate

 

 

3.9

%

 

 

3.9

%

Contractual term

 

 

8 years

 

 

 

8 years

 

The following table summarizes the assumptions used in estimating the fair value of the PIPE make-whole liability at the respective dates:
 

December 21,
2023
(Closing)

 

December 31,
2023

Stock price

 

$

10.17

 

 

$

6.18

 

Expected volatility

 

 

49

%

 

 

49

%

Risk-free rate

 

 

5.4

%

 

 

5.4

%

Contractual term

 

 

4 months

 

 

 

4 months