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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 and financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2024 were as follows :

												Fair Value Measurement Using:
Balance Sheet Classification						Type of Instrument						Level 1						Level 2						Level 3						Total
June 30, 2024
Assets:
Cash and cash equivalents						Money market funds						$	113,379					$	—					$	—					$	113,379
Cash and cash equivalents						U.S. treasury bills						—						36,944						—						36,944
Marketable securities						U.S. treasury bills						29,701						168,100						—						197,801
Other non-current assets						Money market funds						2,515						—						—						2,515
Total assets												$	145,595					$	205,044					$	—					$	350,639
Liabilities:
Forward contract and derivative liabilities						Forward contract, current and written put option, current						$	—					$	—					$	81,220					$	81,220
Derivative liability, non-current						Written put option, non-current						—						—						12,180						12,180
Total liabilities												$	—					$	—					$	93,400					$	93,400
December 31, 2023
Assets:
Cash and cash equivalents						Money market funds						$	59,199					$	—					$	—					$	59,199
Cash and cash equivalents						U.S. treasury bills						—						27,901						—						27,901
Cash and cash equivalents						U.S. corporate bonds						—						6,001						—						6,001
Marketable securities						U.S. treasury bills						9,874						76,160						—						86,034
Marketable securities						U.S. corporate bonds						—						40,210						—						40,210
Marketable securities						Foreign corporate bonds						—						7,173						—						7,173
Other non-current assets						Money market funds						1,900						—						—						1,900
Total assets												$	70,973					$	157,445					$	—					$	228,418

Schedule of aggregate fair value of liability determined by Level 3 inputs

The following table provides a roll forward of the fair value of the Company's forward contract and derivative liabilities related to the Knopp Amendment for which fair value is determined by Level 3 inputs for the three months ended June 30, 2024:

						Carrying Value
Fair value at May 1, 2024						$	93,290
Change in fair value of derivative in other income (expense), net						110
Fair value at June 30, 2024						$	93,400

Schedule of fair value measurement inputs and valuation techniques

A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liabilities related to the Knopp Amendment as of June 30, 2024 and May 1, 2024 are as follows, presented on a weighted-average basis:

						As of June 30, 2024						As of May 1, 2024
Time to payment and potential payment (years)						0.91						1.08
Volatility (annual)						70.0		%				80.0		%
Discount rate						15.6		%				14.8		%

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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

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-Topic 820
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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

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-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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