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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands):

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Financial assets
Money market funds(1)		$	5,860			$	—			$	—			$	5,860
Long-term receivable from GCBP			—				—				4,722				4,722
Total financial assets		$	5,860			$	—			$	4,722			$	10,582
Financial liabilities
CVR derivative liability		$	—			$	—			$	4,722			$	4,722
Warrant liability, noncurrent			—				—				12,835				12,835
Total financial liabilities		$	—			$	—			$	17,557			$	17,557

(1) Included in cash and cash equivalents on accompanying consolidated balance sheet.

Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model

The fair value of the warrant liability is estimated based on the Black-Scholes option pricing model using the following weighted-average assumptions:

Share price		$	25.7
Exercise price		$	4,915.00
Dividend yield		—
Risk-free interest			3.88	%
Term (years)			9.83
Expected volatility			84.00	%

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities

The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands):

		Long-term receivable from GCBP				CVR derivative liability				Warrant liability
Balance at December 31, 2022		$	—			$	—			$	—
Additions in the period			4,683				4,683				3,574
Changes in fair value			39				39				9,261
Balance at December 31, 2023		$	4,722			$	4,722			$	12,835

Cash Equivalents

Cash equivalents consisted of the following (in thousands):

December 31, 2023		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Money market funds (cash equivalents)		$	5,860			$	—			$	—			$	5,860
Total financial assets		$	5,860			$	—			$	—			$	5,860
Classified as:
Cash and cash equivalents														$	5,860
Total financial assets														$	5,860

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.

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-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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Tabular disclosure of the components of cash, cash equivalents, and investments.

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