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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Schedule of fair value hierarchy of the Company's financial assets and liabilities measured at fair value on a recurring basis

The following table represents the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 (in thousands):

September 30, 2024

 

   

Total

   

Level 1

   

Level 2

   

Level 3

 

Assets

Money market funds⁽¹⁾

$

19,401

$

19,401

Commercial paper

7,443

7,443

Government and agency securities

39,932

39,932

December 31, 2023

 

   

Total

   

Level 1

   

Level 2

   

Level 3

 

Assets

Money market funds⁽¹⁾

$

72,953

$

72,953

Commercial paper

7,598

7,598

Corporate debt securities

7,982

7,982

Government and agency securities

18,167

18,167

Liabilities

Embedded features of the 2025 Notes

$

102

102

(1)Classified as cash and cash equivalents due to their short-term maturity
Schedule of changes in the fair value of Level 3 derivative liability measured at fair value

Level 3

   

Instruments

December 31, 2023

$

102

Gain on change in fair value of embedded features of the 2025 Notes

(102)

September 30, 2024

$

Schedule of assumptions used to determine fair value

    

 

2025 Notes

 

Unobservable Inputs

Assumptions

Stock price volatility

 

45.0

%

Probabilities of conversion provisions

 

10 - 90

%

Credit spread

14.3

%