v3.24.2.u1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value of a Recurring Basis
Assets and liabilities carried at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):
June 30, 2024
Fair ValueLevel 1Level 2Level 3
Financial Assets
Cash and Cash Equivalents(1):
Money market funds$5 $5 $— $— 
Total Financial Assets$5 $5 $— $— 
Financial Liabilities:
Private Placement Warrants$5 $— $5 $— 
Public Warrants430 430 — — 
Contingent Earn-out Shares liability6 — — 6 
Total Financial Liabilities$441 $430 $5 $6 

December 31, 2023
Fair ValueLevel 1Level 2Level 3
Financial Assets
Cash and Cash Equivalents(1):
Money market funds$2,917 $2,917 $— $— 
Total Financial Assets
$2,917 $2,917 — — 
Financial Liabilities:
Private Placement Warrants$4 $— $4 $— 
Public Warrants391 391 — — 
Contingent Earn-out Shares liability39 — — 39 
Total Financial Liabilities$434 $391 $4 $39 
____________
(1) Included in total cash and cash equivalents on the condensed consolidated balance sheets.
Schedule of Liabilities Measured at Fair Value of a Recurring Basis
Assets and liabilities carried at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):
June 30, 2024
Fair ValueLevel 1Level 2Level 3
Financial Assets
Cash and Cash Equivalents(1):
Money market funds$5 $5 $— $— 
Total Financial Assets$5 $5 $— $— 
Financial Liabilities:
Private Placement Warrants$5 $— $5 $— 
Public Warrants430 430 — — 
Contingent Earn-out Shares liability6 — — 6 
Total Financial Liabilities$441 $430 $5 $6 

December 31, 2023
Fair ValueLevel 1Level 2Level 3
Financial Assets
Cash and Cash Equivalents(1):
Money market funds$2,917 $2,917 $— $— 
Total Financial Assets
$2,917 $2,917 — — 
Financial Liabilities:
Private Placement Warrants$4 $— $4 $— 
Public Warrants391 391 — — 
Contingent Earn-out Shares liability39 — — 39 
Total Financial Liabilities$434 $391 $4 $39 
____________
(1) Included in total cash and cash equivalents on the condensed consolidated balance sheets.
Schedule of Changes on Fair Value of Financial Liabilities
The changes in the fair value of Level 3 financial liabilities during the three months ended June 30, 2024 consisted of the following (in thousands):
Contingent Earn-Out Shares Liability
Fair value at March 31, 2024
$42 
Recognition of Earn-out RSUs
— 
Change in fair value during the period(36)
Fair value at June 30, 2024
$6 
The changes in the fair value of Level 3 financial liabilities during the six months ended June 30, 2024 consisted of the following (in thousands):
Contingent Earn-Out Shares Liability
Fair value at December 31, 2023
$39 
Recognition of Earn-out RSUs
— 
Change in fair value during the period(33)
Fair value at June 30, 2024
$6 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Significant unobservable inputs related to Level 3 earn-out shares liability consisted of the following:
June 30, 2024
December 31, 2023
Stock price
$6.91$7.98
Stock price volatility
80%80%
Expected term
2.14 years2.64 years
Risk-free interest rate
4.7%4.1%