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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of December 31, 2023 and 2022 (in thousands):

		December 31, 2023
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Fair Value Level
Assets
Cash and cash equivalents:
Cash		$	3,649			$	—			$	—			$	3,649
Money market funds			14,968				—				—				14,968			Level 1
Commercial paper			34,416				—				(18	)			34,398			Level 2
U.S. agency securities			1,985				1				—				1,986			Level 2
U.S. government securities			1,983				—				—				1,983			Level 2
Total cash and cash equivalents			57,001				1				(18	)			56,984
Short-term investments:
Commercial paper			495				—				—				495			Level 2
U.S. agency securities			1,976				—				—				1,976			Level 2
U.S. government securities			54,720				7				(3	)			54,724			Level 2
Total short-term investments			57,191				7				(3	)			57,195
Total assets measured at fair value		$	114,192			$	8			$	(21	)		$	114,179

		December 31, 2022
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Fair Value Level
Assets
Cash and cash equivalents:
Cash		$	5,615			$	—			$	—			$	5,615
Money market funds			31,401				—				—				31,401			Level 1
Commercial paper			47,135				—				(15	)			47,120			Level 2
U.S. government securities			4,991				1				—				4,992			Level 2
Total cash and cash equivalents			89,142				1				(15	)			89,128
Short-term investments:
Commercial paper			13,097				—				(51	)			13,046			Level 2
U.S. agency securities			9,445				—				(105	)			9,340			Level 2
U.S. government securities			56,658				1				(515	)			56,144			Level 2
Total short-term investments			79,200				1				(671	)			78,530
Total assets measured at fair value		$	168,342			$	2			$	(686	)		$	167,658

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8 for further information about the warrants issued to Tempus.

		As of November 28, 2023				As of December 31, 2023
Expected term (in years)		1.09 - 2.09				1.00 - 2.00
Volatility		99.04 - 105.44%				102.55 - 108.46%
Risk-free interest rate		4.73 - 5.21%				4.23 - 4.79%
Dividend yield		–%				–%
Total fair value of Tempus Warrants (in thousands)		$	6,942			$	10,027

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Company's Level 3 financial instruments (in thousands):

		Warrant Liabilities
Balance — December 31, 2022		$	—
Initial fair value of warrant liabilities upon issuance			6,942
Change in fair value			3,085
Balance — December 31, 2023		$	10,027

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

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-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

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

+ 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
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-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
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- Definition

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/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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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