XML 50 R24.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2024 and December 31, 2023 and financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2024 were as follows:
|  |  |  | Fair Value Measurement Using:
Balance Sheet Classification |  | Type of Instrument |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Money market funds |  | $ | 65,497 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,497 |
Marketable securities |  | U.S. treasury bills |  | 15,828 |  |  | 278,598 |  |  | — |  |  | 294,426 |
Other non-current assets |  | Money market funds |  | 2,548 |  |  | — |  |  | — |  |  | 2,548 |
Total assets |  |  |  | $ | 83,873 |  |  | $ | 278,598 |  |  | $ | — |  |  | $ | 362,471 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Forward contract liability |  | Forward contract, current |  | $ | — |  |  | $ | — |  |  | $ | 69,030 |  |  | $ | 69,030 |
Derivative liability, non-current |  | Written put option, non-current |  | — |  |  | — |  |  | 12,320 |  |  | 12,320 |
Total liabilities |  |  |  | $ | — |  |  | $ | — |  |  | $ | 81,350 |  |  | $ | 81,350 |
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 from inception on May 1, 2024 to September 30, 2024:
|  | Carrying Value |  |
Fair value at May 1, 2024 |  | $ | 93,290 |  |  |
Change in fair value of forward contract and derivative liabilities in other income, net |  | (11,940) |  |  |
Fair value at September 30, 2024 |  | $ | 81,350 |  |  |
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 liability related to the Knopp Amendment as of September 30, 2024 and May 1, 2024 are as follows, presented on a weighted-average basis based on relative fair value:
|  | As of September 30, 2024 |  | As of May 1, 2024
Time to payment and potential payment (years) |  | 0.74 |  | 1.08
Volatility (annual) |  | 65.0 | % |  | 80.0 | %
Discount rate |  | 12.7 | % |  | 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 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -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 (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration