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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Schedule of fair value hierarchy used to measure financial assets and liabilities

The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of September 30, 2024 and December 31, 2023, respectively (in thousands):

​	​	​	​	​	​	​	​	​	​
​		September 30, 2024
​		Level 1			Level 2			Level 3
Assets:	​	​	​	​	​	​	​	​	​
Cash equivalents:	​	​	​	​	​	​	​	​	​
Money market funds	​	$	16,085	​	$	—	​	$	—
Short-term investments:	​	​	​	​	​	​	​	​	​
U.S. treasury securities	​	​	—	​	​	72,294	​	​	—
Total Assets	​	$	16,085	​	$	72,294	​	$	—
Liabilities:	​	​		​	​		​	​
Derivative warrant liability – Public Warrants	​	$	901	​	$	—	​	$	—
Derivative warrant liability – Private Warrants	​	​	—	​	​	—	​	​	1,309
Earn-out liabilities	​	​	—	​	​	—	​	​	1,641
Total Liabilities	​	$	901	​	$	—	​	$	2,950

​

​	​	​	​	​	​	​	​	​	​
​		December 31, 2023
​		Level 1			Level 2			Level 3
Assets:	​	​	​	​	​	​	​	​	​
Cash Equivalents:	​	​	​	​	​	​	​	​	​
Money Market Funds	​	$	15,681	​	$	—	​	$	—
Short-term investments:	​	​	​	​	​	​	​	​	​
U.S treasury securities	​	​	—	​	​	45,270	​	​	—
U.S. government agency bonds	​	​	—	​	​	7,927	​	​	—
Corporate bonds	​	​	25,340	​	​	—	​	​	—
Total Assets	​	$	41,021	​	$	53,197	​	$	—
Liabilities:	​	​	​	​	​	​	​	​	​
Derivative warrant liability – Public Warrants	​	$	1,323	​	$	—	​	$	—
Derivative warrant liability – Private Warrants	​	​	—	​	​	—	​	​	1,604
Earn-out liabilities	​	​	—	​	​	—	​	​	2,155
Total Liabilities	​	$	1,323	​	$	—	​	$	3,759

Schedule of changes in the fair value of Level 3 financial instruments

A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the nine months ended September 30, 2024, and 2023 respectively, is as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		Derivative			Forward			​
​	​	Warrant Liability -		​	Warrant		​	Earn-out
​		Private Warrants			Agreement			Liabilities
Balance – December 31, 2023	​	$	1,604	​	$	—	​	$	2,155
Change in fair value - three months ended March 31, 2024	​	​	1,505	​	​	—	​	​	1,621
Change in fair value - three months ended June 30, 2024	​	​	(1,145)	​	​	—	​	​	(1,315)
Change in fair value - three months ended September 30, 2024	​	​	(655)	​	​	—	​	​	(820)
Balance – September 30, 2024	​	$	1,309	​	$	—	​	$	1,641
​	​	​	​	​	​	​	​	​	​
Balance – December 31, 2022	​	$	1,068	​	$	(2,229)	​	$	1,206
Change in fair value - three months ended March 31, 2023	​	​	623	​	​	1,100	​	​	281
Transfer from Private Warrants to Public Warrants	​	​	(158)	​	​	—	​	​	—
Change in fair value - three months ended June 30, 2023	​	​	(133)	​	​	44	​	​	350
Transfer from Private Warrants to Public Warrants	​	​	(29)	​	​	—	​	​	—
Change in fair value - three months ended September 30, 2023	​	​	2,440	​	​	1,085	​	​	1,731
Balance – September 30, 2023	​	$	3,811	​	$	—	​	$	3,568

​

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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