Warrants (Tables)

9 Months Ended

Jun. 30, 2024

Warrant information in the below table is presented as of June 30, 2024 and September 30, 2023.


				Warrants Outstanding		Fair Value of Warrant Liabilities
Warrants	Number of warrants issued	Purchase price per share		June 30, 2024	September 30, 2023	June 30, 2024		September 30, 2023

						(in thousands)
Kreos Rollover Warrant	190,559	€	2.28	190,559	190,559	$	1	$	1
Series C – 2017	1,215,345	€	0.04	—	—	—		—
Series C – 2020	786,234	€	5.22	—	—	—		—
Public Warrants	8,850,458	$	11.50	8,850,458	8,850,458	1,306		709
Private Warrants	7,310,297	$	11.50	7,310,297	7,310,297	1,095		585
	18,352,893			16,351,314	16,351,314	$	2,402	$	1,295

Schedule of Change in Fair Value of Warrant Liabilities

The following table presents the change in the fair value of warrant liabilities for the nine months ended June 30, 2024:


	Fair Value of Warrant Liabilities
	(in thousands)



September 30, 2023	$	1,295
Change in fair value	(639)


Foreign currency translation	(10)
December 31, 2023	646
Change in fair value	809
Foreign currency translation	(15)
March 31, 2024	1,440
Change in fair value	976
Foreign currency translation	(14)
June 30, 2024	$	2,402

The following table presents the change in the fair value of warrant liabilities for the nine months ended June 30, 2023:


	Fair Value of Warrant Liabilities
	(in thousands)
September 30, 2022	$	1,749
Change in fair value	(1,731)
Warrants assumed in the Business Combination	7,111
Settlement of 2017 Series C Warrants put option	(427)
Exercised	(649)
Foreign currency translation	182
December 31, 2022	6,235
Change in fair value	(2,297)
Foreign currency translation	(19)
March 31, 2023	3,919
Change in fair value	(1,807)
Foreign currency translation	(6)
June 30, 2023	$	2,106

Schedule of Fair Values of Warrants and Option Rights Determined Using Black-Scholes Option-Pricing Model

Fair values of the Public and Private Warrants were determined using publicly traded warrant prices at the end of each period. Fair values of the remaining warrants and option rights were determined using the Black-Scholes option-pricing model with the following input assumptions:


	Nine Months Ended June 30,
	2024	2023
Expected volatility range (weighted average)	44.07%	44.07%
Dividend yield	0.00%	0.00%
Risk-free interest rates range (weighted average)	4.89%	4.51%
Expected term range (weighted average)	2.63 years	2.88 years

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