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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table sets forth the Company's financial instruments on the balance sheet that were measured at fair value on a recurring basis for the period indicated by level within the fair value hierarchy (in millions):

			June 30, 2024
			Level 1						Level 2						Level 3						Total
Financial assets:
Money market funds			$	145.9					$	—					$	—					$	145.9
Total			$	145.9					$	—					$	—					$	145.9
Financial liabilities:
Warrants			$	—					$	—					$	20.4					$	20.4
Total			$	—					$	—					$	20.4					$	20.4

Schedule of Carrying Amounts and Estimated Fair Values

The following table presents the carrying amounts and estimated fair values of the financial instruments that are not recorded at fair value on the condensed balance sheets (in millions):

			June 30, 2024												December 31, 2023
			Net Carrying Amount						Estimated Fair Value						Net Carrying Amount						Estimated Fair Value
2025 Convertible senior notes			$	26.6					$	25.0					$	170.6					$	128.2
2028 Convertible senior notes			$	276.2					$	130.3					$	281.9					$	100.0

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The aggregate fair value of the Warrants upon issuance and as of June 30, 2024 was $10.4 million and $20.4 million, respectively, determined using a Black-Scholes Model with the following inputs:

			On issuance						June 30, 2024
Stock price			$1.77						$3.19
Exercise price			$1.71						$1.71
Expected life in years			5.00						4.67
Expected volatility			94.84		%				95.73		%
Expected dividends			—		%				—		%
Discount rate			4.26		%				4.33		%

Schedule Of Warrants

The following table presents the activity related to the Warrants during the three and six months ended June 30, 2024.

			Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
Opening balance			$	26,000					$	—
Issuance of warrants			—						10,417
Change in fair value			(5,630)						9,953
Balance as of June 30, 2024			$	20,370					$	20,370

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Schedule Of Warrant Liability

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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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ 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

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-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

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