v3.24.1.1.u2
FAIR VALUE MEASUREMENT (FY) (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
FAIR VALUE MEASUREMENT [Abstract]    
Fair Value Measurement

The derivative liability component of Convertible promissory notes are classified as Level 3 due to significant unobservable inputs.

 
​ ​
As of March 31, 2024
(in thousands)
​ ​
Quoted prices in
active markets for
identical assets
(Level 1)
​ ​
Significant
other observable
inputs
(Level 2)
​ ​
Significant
unobservable
inputs
(Level 3)
Current Liabilites
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
​ ​
​ ​
—
 
​ ​
 
​ ​
 
​ ​
 
Liabilities
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
​ ​
​ ​
—

 
​ ​
As of December 31, 2023
(in thousands)
​ ​
Quoted prices in
active markets for
identical assets
(Level 1)
​ ​
Significant
other observable
inputs
(Level 2)
​ ​
Significant
unobservable
inputs
(Level 3)
Current Liabilites
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
​ ​
​ ​
17,282.5
 
​ ​
 
​ ​
 
​ ​
 
Liabilities
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
​ ​
​ ​
1,120.3

The derivative liability is classified as Level 3 due to significant unobservable inputs.

 
​ ​
As of December 31, 2023
(in thousands)
​ ​
Quoted prices
in active
markets for
identical assets
(Level 1)
​ ​
Significant
other
observable
inputs
(Level 2)
​ ​
Significant
unobservable
inputs
(Level 3)
Current Liabilites
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
 
​ ​
 
​ ​
17,282.5
Liabilities
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
 
​ ​
 
​ ​
1,120.3

 
​ ​
As of December 31, 2022
(in thousands)
​ ​
Quoted prices
in active
markets for
identical assets
(Level 1)
​ ​
Significant
other
observable
inputs
(Level 2)
​ ​
Significant
unobservable
inputs
(Level 3)
Liabilities
​ ​
 
​ ​
 
​ ​
 
Derivative liability
​ ​
 
​ ​
 
​ ​
14,905.3
Change in Fair Value of Derivative Liability   The change in fair value of the derivative liability was as follows:

Estimated fair value at December 31, 2021
​ ​
$75,355.2
Change in estimated fair value
​ ​
(75,809.9)
Additions from new convertible notes
​ ​
15,360.0
Estimated fair value at December 31, 2022
​ ​
14,905.3
Change in estimated fair value
​ ​
2,791.6
Additions from new convertible notes
​ ​
705.9
Estimated fair value at December 31, 2023
​ ​
$18,402.8
Schedule of Black Scholes Model for the Level 3 Measurement  

The estimated fair value of the conversion feature of the derivative liability, a level 3 measurement was estimated using traditional valuation methods including Black-Scholes option pricing models and Monte Carlo simulations. A Black-Scholes model for Notes 1 though 8, 10, 13 and 20 and a Monte Carlo simiulation model for all other outstanding Notes as of December 31, 2023, and a Black-Scholes model for Notes 1 through 7 and a Monte Carlo simulation model for Notes 8 through 18 as of December 31, 2022. The application of the Black-Scholes model and Monte Carlo simulation requires the use of a number of inputs and significant assumptions including volatility. The following reflects the inputs and assumptions used:

 
​ ​
December 31, 2023
​ ​
December 31, 2022
Stock price
​ ​
$17.50
​ ​
$15.00
Strike price
​ ​
$4.00 - 10.00 and Variable
​ ​
$4.00 - $10.00 and Variable
Volatility
​ ​
69.70% - 82.00%
​ ​
79.50% - 83.90%
Risk-free rate
​ ​
5.40% - 5.55%
​ ​
1.06% - 4.76%
Probability of SPAC Merger
    39%
    48%
Term of SPAC Merger
    3 months
    6 months