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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Table Text Block Supplement [Abstract]

Financial Instruments Measured At Fair Value On A Recurring Basis

The following table summarizes the Company's financial asset instruments measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands). Included within cash and cash equivalents on the unaudited condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	5,741			$	—			$	—			$	5,741
Total cash equivalents		$	5,741			$	—			$	—			$	5,741
Short-term investments:
U.S. government securities		$	—			$	67,847			$	—			$	67,847
U.S. government agency securities			—				3,593				—				3,593
Total short-term investments		$	—			$	71,440			$	—			$	71,440
Total financial assets		$	5,741			$	71,440			$	—			$	77,181

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	4,246			$	—			$	—			$	4,246
Total cash equivalents		$	4,246			$	—			$	—			$	4,246
Short-term investments:
U.S. government securities		$	—			$	33,213			$	—			$	33,213
U.S. government agency securities			—				13,277				—				13,277
Total short-term investments		$	—			$	46,490			$	—			$	46,490
Total financial assets		$	4,246			$	46,490			$	—			$	50,736

Summary of Warrant Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's warrant liabilities (see Note 8) measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Warrant liabilities		$	—			$	—			$	23,962			$	23,962

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Warrant liabilities		$	—			$	—			$	76,211			$	76,211

Schedule of Aggregate Fair Values of Warrant Liability

The following table provides a roll-forward of the aggregate fair value of the warrant liability categorized with Level 3 inputs:

		Warrants
Balance as of December 31, 2023		$	76,211
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds			(51,829	)
Settlement of warrant liability			(420	)
Balance as of September 30, 2024		$	23,962

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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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- Definition

Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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