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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Marketable Securities

The following table sets forth marketable securities for the year ended December 31, 2023 (in thousands). The Company did not hold any marketable securities during the year ended December 31, 2022.

		As of December 31, 2023
		Amortized Cost				Unrealized Gains				Unrealized Losses				Total
U.S. Treasury-backed money market funds			29,622				11				—				29,633
Total		$	29,622			$	11			$	—			$	29,633

Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis

The following table set forth the fair value of the Company’s financial assets measured at fair value on a recurring basis and indicates the level within the fair value hierarchy utilized to determine such values (in thousands):

		As of December 31, 2023
		Total				Level 1				Level 2				Level 3
Cash Equivalents:
U.S. Treasury-backed money market funds		$	64,397			$	64,397				—				—
U.S. Treasury notes		$	11,980			$	11,980				—				—
Marketable Securities:
U.S. Treasury notes		$	29,633			$	29,633				—				—
Total		$	106,010			$	106,010			$	—			$	—

		As of December 31, 2022
		Total				Level 1				Level 2				Level 3
U.S. Treasury-backed money market funds		$	18,645			$	18,645				—				—
Total		$	18,645			$	18,645			$	—			$	—

Summary of Reconciliation of Warrant Liabilities

A reconciliation of the Level 3 warrant liability through exercise in the second quarter of 2022 was as follows (in thousands):

		Series A-2 Preferred Stock Warrant Liability
Balance as of December 31, 2021		$	226
Change in fair value			(58	)
Exercise of preferred stock warrants			(168	)
Balance as of December 31, 2022		$	—

X

- Definition

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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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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- 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

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-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

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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