Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of assets and liabilities measured on recurring basis


		June 30,						December 31,
		2024						2023
(in thousands)		Level			Balance			Level			Balance
Cash equivalents
Money market funds		1			$	146,125		1			$	186,125
Liabilities
Earnout liability		3			$	345		3			$	654
Warrant liability – Public Warrants		1				2,266		1				4,245
Warrant liability – Private Placement Warrants		3				480		3				896
Total liabilities					$	3,091					$	5,795

Schedule of changes in the fair value of warrant and earnout liabilities


					Private
					Placement
		Earnout			Warrant
(in thousands)		Liability			Liability
Fair value as of December 31, 2023		$	654		$	896
Change in fair value of liability			(309)			(416)
Fair value as of June 30, 2024		$	345		$	480

Earnout liability

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assumptions used in valuation of liability


		June 30,				December 31,
		2024				2023
Stock price		$	2.45			$	3.58
Risk-free interest rate			4.7	%			4.1	%
Expected restriction period (in years)			2.0				2.5
Expected volatility			79	%			63	%
Dividend rate			—	%			—	%

Private Placement Warrant Liability

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assumptions used in valuation of liability


		June 30,				December 31,
		2024				2023
Stock price		$	2.45			$	3.58
Risk-free interest rate			4.7	%			4.1	%
Expected term (in years)			2.0				2.5
Expected volatility			79	%			63	%
Dividend rate			—	%			—	%
Exercise price		$	11.50			$	11.50