v3.25.0.1
Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Class of Warrant or Right [Line Items]    
Schedule of Financial Assets and Liabilities Measures at Fair Value

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measurements as of September 30, 2024 
   Level 1   Level 2   Level 3   Total 
Liabilities:                    
Acquisition-related contingent consideration obligations  $—   $—   $1,606   $1,606 
Contingent stock consideration   —    —    27    27 
Short-term debt - Yorkville convertible note   —    —    3,695    3,695 
Warrant liability - July 2023 Registered Direct Warrants   —    —    1,748    1,748 
Warrant liability - April 2023 Registered Direct Warrants   —    —    1,670    1,670 
Warrant liability - May 2022 PIPE Warrants   —    —    809    809 
Warrant liability - Sponsor Warrants   —    —    32    32 
Warrant liability - Public Warrants   144    —    —    144 
Total fair value liabilities  $144   $—   $9,587   $9,731 

 

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measurements as of December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Convertible note receivable  $—   $—   $2,072   $2,072 
Total fair value assets  $—   $—   $2,072   $2,072 
                     
Liabilities:                    
Acquisition-related contingent consideration obligations  $—   $—   $1,606   $1,606 
Contingent stock consideration   —    —    27    27 
Short-term debt - Yorkville   —    —    17,223    17,223 
Warrant liability - July 2023 Registered Direct Warrants   —    —    1,529    1,529 
Warrant liability - April 2023 Registered Direct Warrants   —    —    1,487    1,487 
Warrant liability - May 2022 PIPE Warrants   —    —    708    708 
Warrant liability - Sponsor Warrants   —    —    60    60 
Warrant liability - Public Warrants   575    —    —    575 
Total fair value liabilities  $575   $—   $22,640   $23,215 

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measurements as of December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Cash equivalents - money market funds  $—   $—   $—   $— 
Convertible note receivable   —    —    2,072    2,072 
Total fair value assets  $—   $—   $2,072   $2,072 
                     
Liabilities:                    
Acquisition-related contingent consideration obligations  $—   $—   $1,606   $1,606 
Contingent stock consideration   —    —    27    27 
Short-term debt - Yorkville   —    —    17,223    17,223 
Warrant liability - July 2023 Registered Direct Warrants   —    —    1,529    1,529 
Warrant liability - April 2023 Registered Direct Warrants   —    —    1,487    1,487 
Warrant liability - May 2022 PIPE Warrants   —    —    708    708 
Warrant liability - Sponsor Warrants   —    —    60    60 
Warrant liability - Public Warrants   575    —    —    575 
Total fair value liabilities  $575   $—   $22,640   $23,215 

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measurements as of December 31, 2022 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Cash equivalents – money market funds  $12,174   $—   $—   $12,174 
Convertible note receivable   —    —    2,514    2,514 
Total fair value assets  $12,174   $—   $2,514   $14,688 
                     
Liabilities:                    
Acquisition-related contingent consideration obligations  $—   $—   $105,945   $105,945 
Contingent stock consideration   —    —    186    186 
Short-term debt - Yorkville   —    —    37,603    37,603 
Warrant liability - May 2022 PIPE Warrants   —    —    1,402    1,402 
Warrant liability - Sponsor Warrants   —    —    1,190    1,190 
Warrant liability - Public Warrants   1,006    —    —    1,006 
Total fair value liabilities  $1,006   $—   $146,326   $147,332 
Schedule of Reconciliation of Contingent Consideration Obligations

The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:

 

   Balance as of
January 1, 2024		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of
September 30, 2024		 
Liabilities:                         
Acquisition-related contingent consideration obligations  $1,606   $—   $—   $—   $1,606 

The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using Level 3 inputs as of December 31, 2023 and 2022:

 

   Balance as of
December 31,
2022		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of
December 31,
2023		 
Liabilities:                         
Acquisition-related contingent consideration obligations  $          105,945   $—   $—   $(104,339)  $1,606 

 

 

   Balance as of
December 31,
2021		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of
December 31,
2022		 
Liabilities:                         
Acquisition-related contingent consideration obligations  $           232,222   $—   $—   $(126,277)  $           105,945 

 
Schedule of May 2022 PIPE Warrants and 2023 Registered Direct Warrants

The following table presents a reconciliation of the warrant liabilities measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:

 

Schedule of Reconciliation of Warrant Liabilities Measured on Recurring Basis

Balance as of January 1, 2024  $3,784 
January 2024 Bridge Loan - Tranche #2 warrant issuance   1,858 
Gain recognized in earnings from change in fair value   1,587 
Reclassification of warrants from liability classified to equity classified   (2,970)
Balance as of September 30, 2024  $4,259 

The following table provides a roll-forward of the aggregate fair values of the Company’s warrant liabilities for which fair values are determined using Level 3 inputs:

 

Balance as of December 31, 2021  $25,962 
May 2022 PIPE warrant issuance   19,745 
April 2023 Registered Direct warrant issuance   4,280 
July 2023 Registered Direct warrant issuance   2,645 
Gain recognized in earnings from change in fair value   (42,109)
Balance as of December 31, 2022  $3,598 

 

Balance as of December 31, 2022  $3,598 
April 2023 Registered Direct warrant issuance   4,280 
July 2023 Registered Direct warrant issuance   2,645 
Gain recognized in earnings from change in fair value   (6,164)
Balance as of December 31, 2023  $4,359 
Schedule of Fair Value of Liability Warrants  

The fair value of the Liability Warrants are as follows:

 

   December 31,
2023		   December 31,
2022		 
Public Warrants  $575   $1,006 
Sponsor Warrants   60    1,190 
2023 Registered Direct Warrants   3,016    — 
May 2022 PIPE Warrants   708    1,402 
Total  $4,359   $3,598 
Schedule of Sponsor Warrants

Significant inputs for the January 2024 Bridge Loan - Tranche #2 Warrants were as follows:

 

  

July 15,

2024

  

January 16,

2024

 
   (reclassification)   (issuance) 
Common share price  $3.19   $2.00 
Term to initial exercise date (years)(1)   N/A    0.50 
Dividend yield   0%   0%
Term (years)   5.0    5.0 
Risk-free interest rate   4.00%   3.90%
Volatility   112.5%   107.5%

 

(1)As discussed further in Note 7, the warrants were not exercisable and the exercise price was not set until certain conditions were met. As of July 15, 2024, the warrants became exercisable and no longer contain adjustment provisions to the exercise price that are not indexed to the Company’s own stock. As such, the warrants were marked to fair value as of the initial exercise date and then reclassified from liability classified to equity classified.
 
Schedule of Convertible Note Valuation Model

Significant inputs for the convertible note valuation model were as follows:

 

   December 31, 2023 
Face value  $4,000 
Coupon rate   12% - 17% 
Stock price  $0.23 
Term (years)   0.51-2.45 
Risk-free interest rate   5.47%
Volatility   n/a 

Significant inputs for the convertible note valuation model are as follows:

 

  

December 31,

2023

  

December 31,

2022

 
Face value  $4,000   $4,000 
Coupon rate   12% - 17%     12% - 17%   
Stock price  $0.2   $0.2 
Term (years)   0.51-2.45     1.01 - 3.45   
Risk-free interest rate   5.47%   4.73%
Volatility   n/a     n/a   
Schedule of Reconciliation of the Contingent Stock Consideration Obligation Measured on a Recurring Basis

The following table presents a reconciliation of the contingent stock consideration obligation measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:

 

   Balance as of
January 1, 2024		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of
September 30, 2024		 
Liabilities:                         
Contingent stock consideration  $27   $—   $—   $—   $27 

The following table presents a reconciliation of the contingent stock consideration obligation measured on a recurring basis using Level 3 inputs as of December 31, 2023 and 2022:

 

   Balance as of
December 31,
2022		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of
December 31,
2023		 
Liabilities:                         
Contingent stock consideration  $186   $—   $—   $(159)  $27 

 
Schedule of Reconciliation of Yorkville Debt Measured on a Measured Basis

The following table presents a reconciliation of short-term debt obligations measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:

 

Liabilities:     
Balance as of January 1, 2024  $17,223 
Principal repayments   (17,374)
Issuance of convertible promissory note   3,150 
Fair value adjustment through earnings   694 
Fair value adjustment through accumulated other comprehensive income   2 
Balance as of September 30, 2024  $3,695 

The following table presents a reconciliation of the Yorkville debt measured on a recurring basis using Level 3 inputs as of the initial valuation date of September 15, 2022 and as of December 31, 2023:

 

Liabilities:     
Balance as of December 31, 2022  $37,603 
Conversion of debt into common shares   (4,599)
Principal repayments   (16,811)
Issuance of convertible promissory note   3,150 
Fair value adjustment through earnings   354 
Fair value adjustment through accumulated other comprehensive income   (146)
Fair value adjustment through interest accrual   822 
Balance as of December 31, 2023  $17,223 
Schedule of Yorkville Short-term Debt Valuation Model

Significant inputs for the Yorkville convertible promissory note valuation model were as follows:

 

  

September 30,

2024

  

March 13,

2024

 
       (issuance) 
Common share price  $2.97   $5.79 
Credit spread   8.00%   8.50%
Dividend yield   0%   0%
Term (years)   0.45    1.00 
Risk-free interest rate   4.30%   4.90%
Volatility   50.0%   50.0%

Significant inputs for the Yorkville short-term debt valuation model as of December 31, 2022 were as follows:

 

   December 31, 2022 
Common share price  $12.90 
Credit spread   13.71%
Dividend yield   0%
Term (years)   0.71 
Risk-free interest rate   4.75%
Volatility   45.0%
Discount yield   18.46%
Schedule of Reconciliation of Convertible Note Receivable Measured on Recurring Basis

The following table presents a reconciliation of the convertible note receivable measured on a recurring basis using Level 3 inputs for the nine months ended September 30, 2024:

  

   Balance as of
January 1,
2024		   Net
transfers
in to (out of)
Level 3		   Purchases,
settlements
and other
net		   Fair value
adjustments		   Balance as of September 30, 2024 
Assets:                         
Convertible note receivable  $2,072   $—   $(2,072)  $—   $— 
  
GX Sponsor Warrants [Member]    
Class of Warrant or Right [Line Items]    
Schedule of Sponsor Warrants

Significant inputs for the Sponsor Warrants were as follows:

 

  

September 30,

2024

  

December 31,

2023

 
Common share price  $2.97   $2.47 
Exercise price  $115.00   $115.00 
Dividend yield   0%   0%
Term (years)   1.8    2.5 
Risk-free interest rate   3.66%   4.12%
Volatility   105.9%   100.7%

Significant inputs for the Sponsor Warrants are as follows:

 

   December 31,
2023		   December 31,
2022		 
Common share price  $2.47   $12.90 
Exercise price  $115.00   $115.00 
Dividend yield   0%   0%
Term (years)   2.5    3.5 
Risk-free interest rate   4.12%   4.16%
Volatility   100.7%   75.0%
May Two Thousand Twenty Two Private Investment in Public Equity Warrants And April Two Thousand Twenty Three Registered Direct Warrant [Member]    
Class of Warrant or Right [Line Items]    
Schedule of May 2022 PIPE Warrants and 2023 Registered Direct Warrants

Significant inputs for the May 2022 PIPE Warrants and the 2023 Registered Direct Warrants were as follows:

 

  

September 30,

2024

  

December 31,

2023

 
Common share price  $2.97   $2.47 
Exercise price  $ 3.50 - 7.50   $ 3.50 - 7.50 
Dividend yield   0%   0%
Term (years)   4.03 - 4.34    4.78 - 5.09 
Risk-free interest rate   3.58%   3.84%
Volatility   97.1% - 98.1%   100.1% - 100.7%

Significant inputs for the May 2022 PIPE Warrants and the 2023 Registered Direct Warrants are as follows:

 

   December 31,
2023		   December 31,
2022		 
Common share price  $2.47   $12.90 
Exercise price  $3.50 - 7.50   $82.5 
Dividend yield   0%   0%
Term (years)   5.03 - 5.34    4.4 
Risk-free interest rate   4.60%   3.99%
Volatility   97.0%   81.2%