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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 5. Fair Value Measurements The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2024 and December 31, 2023 (in thousands):
|  | March 31, 2024
|  | Adjusted Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Fair Value Level
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 765 |  |  | $ | — |  |  | $ | — |  |  | $ | 765 |  |  |
Money market funds |  |  | 10,598 |  |  |  | — |  |  |  | — |  |  |  | 10,598 |  |  | Level 1
Commercial paper |  |  | 31,063 |  |  |  | — |  |  |  | (15 | ) |  |  | 31,048 |  |  | Level 2
U.S. government securities |  |  | 1,570 |  |  |  | — |  |  |  | — |  |  |  | 1,570 |  |  | Level 2
Total cash and cash equivalents |  |  | 43,996 |  |  |  | — |  |  |  | (15 | ) |  |  | 43,981 |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  |  | 51,509 |  |  |  | — |  |  |  | (71 | ) |  |  | 51,438 |  |  | Level 2
Total short-term investments |  |  | 51,509 |  |  |  | — |  |  |  | (71 | ) |  |  | 51,438 |  |  |
Total assets measured at fair value |  | $ | 95,505 |  |  | $ | — |  |  | $ | (86 | ) |  | $ | 95,419 |  |  |
|  | 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 |  |  |
Marketable debt securities at March 31, 2024 have maturities due in less than 12 months. No security has been in a continuous unrealized loss position for more than 12 months and the Company does not consider any of its marketable debt securities to be impaired. Tempus Warrants The Black-Scholes option-pricing model was used to estimate fair value of the warrants issued to Tempus AI, Inc. (formerly known as Tempus Labs, Inc., and referred to herein as "Tempus") at the date of issuance, November 28, 2023, and at each subsequent balance sheet date. 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 March 31, 2024 |  |  | As of December 31, 2023 |
Expected term (in years) |  | 0.75 - 1.75 |  |  | 1.00 - 2.00 |
Volatility |  | 103.91 - 106.32% |  |  | 102.55 - 108.46% |
Risk-free interest rate |  | 4.70 - 5.21% |  |  | 4.23 - 4.79% |
Dividend yield |  | –% |  |  | –% |
Total fair value of Tempus Warrants (in thousands) |  | $ | 5,262 |  |  | $ | 10,027 |
The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):
|  | Warrant Liabilities |
Balance—December 31, 2023 |  | $ | 10,027 |
Change in fair value |  |  | (4,765 | )
Balance—March 31, 2024 |  | $ | 5,262 |

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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