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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such 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 |  |  |
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 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 |
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 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 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
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- Definition 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 -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
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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 + Details
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