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Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Financial assets:
Money market funds(1)		$	3,183			$	—			$	—			$	3,183
Long-term receivable from GCBP			—				—				4,900				4,900
Total financial assets		$	3,183			$	—			$	4,900			$	8,083
Financial liabilities:
CVR derivative liability, noncurrent		$	—			$	—			$	4,900			$	4,900
Warrant liability, noncurrent			—				—				5,862				5,862
Total financial liabilities		$	—			$	—			$	10,762			$	10,762

		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:

	September 30, 2024				December 31, 2023
Share price	$	12.54			$	25.70
Exercise price	$	4,915.00			$	4,915.00
Dividend yield		—	%			—	%
Risk-free interest		3.70	%			3.88	%
Term (years)		9.08				9.83
Expected volatility		82.00	%			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			178				178				(6,973	)
Balance at September 30, 2024		$	4,900			$	4,900			$	5,862

Cash Equivalents

Cash equivalents consisted of the following (in thousands):

September 30, 2024		Amortized cost				Gross unrealized gains				Gross unrealized losses				Estimated fair value
Money market funds (cash equivalents)		$	3,183			$	—			$	—			$	3,183
Total financial assets		$	3,183			$	—			$	—			$	3,183
Classified as:
Cash and cash equivalents														$	3,183
Total financial assets														$	3,183

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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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).

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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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