XML 34 R27.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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 assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 2,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,884 |
Long-term receivable from GCBP |  |  | — |  |  |  | — |  |  |  | 4,839 |  |  |  | 4,839 |
Total financial assets |  | $ | 2,884 |  |  | $ | — |  |  | $ | 4,839 |  |  | $ | 7,723 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
CVR derivative liability, noncurrent |  | $ | — |  |  | $ | — |  |  | $ | 4,839 |  |  | $ | 4,839 |
Warrant liability, noncurrent |  |  | — |  |  |  | — |  |  |  | 5,634 |  |  |  | 5,634 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 10,473 |  |  | $ | 10,473 |
|  | 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 the accompanying condensed consolidated balance sheets.
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:
| June 30, 2024 |  |  | December 31, 2023 |
Share price | $ | 11.93 |  |  | $ | 25.70 |
Exercise price | $ | 4,915.00 |  |  | $ | 4,915.00 |
Dividend yield |  | — | % |  |  | — | %
Risk-free interest |  | 4.35 | % |  |  | 3.88 | %
Term (years) |  | 9.33 |  |  |  | 9.83 |
Expected volatility |  | 83.00 | % |  |  | 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 |  |  | CVR derivative |  |  | Warrant |
|  | from GCBP |  |  | liability, noncurrent |  |  | liability |
Balance at December 31, 2023 |  | $ | 4,722 |  |  | $ | 4,722 |  |  | $ | 12,835 |
Changes in fair value |  |  | 117 |  |  |  | 117 |  |  |  | (7,201 | )
Balance at June 30, 2024 |  | $ | 4,839 |  |  | $ | 4,839 |  |  | $ | 5,634 |
Cash Equivalents | Cash equivalents consisted of the following (in thousands):
June 30, 2024 |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
Money market funds (cash equivalents) |  | $ | 2,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,884 |
Total financial assets |  | $ | 2,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,884 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  | $ | 2,884 |
Total financial assets |  |  |  |  |  |  |  |  |  |  | $ | 2,884 |
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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 components of cash, cash equivalents, and investments. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration