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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2024
Fair Value Measurements |
Fair Value Measurements | Note 6 – Fair Value Measurements The Company considers all highly liquid instruments with original maturities of less than 90 days to be cash equivalents. The carrying amounts of certain financial instruments, such as cash equivalents, short-term investments, accounts receivable, accounts payable, and accrued liabilities, approximate fair value due to their relatively short maturities. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that a reporting entity can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for assets or liabilities. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of September 30, 2024 and December 31, 2023, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Paper | ​ | $ | 44,464 | ​ | $ | — | ​ | $ | — | ​ | $ | 44,464
Corporate Bonds | ​ | $ | 216,075 | ​ | $ | — | ​ | $ | — | ​ | $ | 216,075
Government Bonds | ​ | $ | 32,618 | ​ | $ | — | ​ | $ | — | ​ | $ | 32,618
U.S. Treasuries |  | $ | 16,946 | ​ | $ | — | ​ | $ | — |  | $ | 16,946
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public Warrants | ​ | $ | 1,450 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,450
Private Placement Warrants | ​ | $ | — | ​ | $ | 984 | ​ | $ | — | ​ | $ | 984
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Paper | ​ | $ | 84,909 | ​ | $ | — | ​ | $ | — | ​ | $ | 84,909
Corporate Bonds | ​ | $ | 239,473 | ​ | $ | — | ​ | $ | — | ​ | $ | 239,473
Government Bonds | ​ | $ | 56,689 | ​ | $ | — | ​ | $ | — | ​ | $ | 56,689
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public Warrants | ​ | $ | 2,505 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,505
Private Placement Warrants | ​ | $ | — | ​ | $ | 1,722 | ​ | $ | — | ​ | $ | 1,722
​ The change in fair value of the Company’s marketable securities and investments are included in other comprehensive income (loss). There were no transfers in and out of Level 3 fair value hierarchy during the three or nine months ended September 30, 2024 or year ended December 31, 2023. During the nine months ended September 30, 2024, the Company purchased $174,040 of marketable securities and investments. Fair Value of Warrants The fair value of the Private Placement Warrants has been estimated using a Black-Scholes model as of September 30, 2024 and December 31, 2023 Consolidated Balance Sheet dates. The estimated fair value of the Private Placement Warrants is determined using Level 2 directly or indirectly observable inputs. Inherent in a Black-Scholes model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate, and dividend yield. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. The Company estimates the volatility of its Private Placement Warrants based on implied volatility from the Company’s Public Warrants and from historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the Warrants. The dividend yield is based on the historical rate, which the Company anticipates remaining at zero. The fair value of the Public Warrants has been measured based on the quoted price of such warrants on the Nasdaq Stock Market, a Level 1 input. The following table provides quantitative information regarding Level 2 inputs used in the recurring valuation of the Private Placement Warrants as of their measurement dates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2024 |  | December 31, 2023 |
Exercise price | ​ | $ | 11.50 | ​ | $ | 11.50 | ​
Stock price | ​ | $ | 1.35 | ​ | $ | 1.45 | ​
Volatility | ​ |  | 99.0 | % |  | 95.0 | %
Term (in years) | ​ |  | 2.19 | ​ |  | 2.94 | ​
Risk-free rate | ​ |  | 3.58 | % |  | 3.94 | %
​ The following table provides a rollforward of the Public Warrants measured at fair value per Public Warrant using Level 1 inputs and Private Placement Warrants measured at fair value per Private Placement Warrant using Level 2 inputs: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Public Warrants | ​ | Private Placement Warrants
​ |  | Level 1 Fair Value |  | Level 2 Fair Value
December 31, 2023 | ​ | $ | 0.19 | ​ | $ | 0.28
Change in fair value | ​ | $ | 0.01 | ​ | $ | 0.06
March 31, 2024 | ​ | $ | 0.20 | ​ | $ | 0.34
Change in fair value | ​ | $ | (0.03) | ​ | $ | (0.05)
June 30, 2024 | ​ | $ | 0.17 | ​ | $ | 0.29
Change in fair value | ​ | $ | (0.06) | ​ | $ | (0.13)
September 30, 2024 | ​ | $ | 0.11 | ​ | $ | 0.16
​ The following tables provides a reconciliation of the change in fair value for the Public Warrants and Private Placement Warrants for the three months ended September 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Three Months Change in | ​ | ​
Warrant Class |  | Level |  | Warrants |  | June 30, 2024 |  | Fair Value |  | September 30, 2024
Public Warrants |  | 1 |  | 13,182,501 | ​ | $ | 2,241 | ​ | $ | (791) | ​ | $ | 1,450
Private Placement Warrants |  | 2 |  | 6,150,802 | ​ | $ | 1,784 | ​ | $ | (800) | ​ | $ | 984
Total |  |  |  | 19,333,303 | ​ | $ | 4,025 | ​ | $ | (1,591) | ​ | $ | 2,434
​ The following tables provides a reconciliation of the change in fair value for the Public Warrants and Private Placement Warrants for the nine months ended September 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Nine Months Change in | ​ | ​
Warrant Class |  | Level |  | Warrants |  | December 31, 2023 |  | Fair Value |  | September 30, 2024
Public Warrants |  | 1 |  | 13,182,501 | ​ | $ | 2,505 | ​ | $ | (1,055) | ​ | $ | 1,450
Private Placement Warrants |  | 2 |  | 6,150,802 | ​ | $ | 1,722 | ​ | $ | (738) | ​ | $ | 984
Total |  |  |  | 19,333,303 | ​ | $ | 4,227 | ​ | $ | (1,793) | ​ | $ | 2,434
​

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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