Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
13. Fair Value of Financial Instruments
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
September 30, 2024 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 482  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  208 
Private Placement Warrants - Issued March 2023 —  —  5,249 
Sponsor Shares —  —  617 
$ 482  $ —  $ 6,074 
December 31, 2023 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 795  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  583 
Private Placement Warrants - Issued March 2023 —  —  12,467 
Sponsor Shares —  —  1,304 
$ 795  $ —  $ 14,354 
The carrying values of the following financial instruments approximated their fair values as of September 30, 2024 and June 30, 2024 based on their maturities: cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and other current liabilities.
There were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2024 or 2023.
Changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2023 of $11.1 million included the Sponsor Shares, the October 2019 Private Placement Warrants, and the March 2023
Private Placement Warrants. The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2024:
Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2024 $ 1,304  $ 583  $ 12,467 
Gain from changes in fair value (687) (375) (7,218)
Balance as of September 30, 2024 $ 617  $ 208  $ 5,249