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Fair Value Measurement | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Note 3. Fair Value Measurement The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
|  | As of September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 28,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,622 |
Commercial paper (2) |  |  | — |  |  |  | 2,991 |  |  |  | — |  |  |  | 2,991 |
Government bonds |  |  | — |  |  |  | 7,964 |  |  |  | — |  |  |  | 7,964 |
Total financial assets measured at fair value |  | $ | 28,622 |  |  | $ | 10,955 |  |  | $ | — |  |  | $ | 39,577 |
Liabilities(3): |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 112 |  |  | $ | — |  |  | $ | — |  |  | $ | 112 |
PIPE Warrants |  |  | — |  |  |  | 131 |  |  |  | — |  |  |  | 131 |
Total financial liabilities measured at fair value |  | $ | 112 |  |  | $ | 131 |  |  | $ | — |  |  | $ | 243 |
|  | As of December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 9,194 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,194 |
Commercial paper |  |  | — |  |  |  | 22,549 |  |  |  | — |  |  |  | 22,549 |
Corporate bonds |  |  | — |  |  |  | 10,797 |  |  |  | — |  |  |  | 10,797 |
Government bonds |  |  | — |  |  |  | 17,802 |  |  |  | — |  |  |  | 17,802 |
Government agency debt securities(1) |  |  | — |  |  |  | 3,982 |  |  |  | — |  |  |  | 3,982 |
Total financial assets measured at fair value |  | $ | 9,194 |  |  | $ | 55,130 |  |  | $ | — |  |  | $ | 64,324 |
Liabilities(3): |  |  |  |  |  |  |  |  |  |  |  |
Public Warrants |  | $ | 151 |  |  | $ | — |  |  | $ | — |  |  | $ | 151 |
PIPE Warrants |  |  | — |  |  |  | 175 |  |  |  | — |  |  |  | 175 |
Total financial liabilities measured at fair value |  | $ | 151 |  |  | $ | 175 |  |  | $ | — |  |  | $ | 326 |
(1) I ncluded in cash and cash equivalents on the condensed consolidated balance sheet. (2) C onsists of $1.5 million in cash and cash equivalents and $1.5 million in short-term marketable securities. (3) See Note 10. There were no changes to the valuation methods utilized and there were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the nine months ended September 30, 2023. Commercial paper, corporate bonds, government bonds and government agency debt securities are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The Public Warrants are classified as Level 1 due to the use of an observable market quote in an active market. The PIPE Warrants are classified as Level 2 due to the use of observable market data for identical or similar liabilities. The fair value of each PIPE Warrant was determined to be equivalent to that of a Public Warrant because the PIPE Warrants are also subject to the make-whole redemption feature, which allows the Company to redeem both types of warrants on similar terms when the stock price is in the range of $10 to $18 per share. The following tables provide the Company’s marketable securities by security type (in thousands):
|  | As of September 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 1,493 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,493 |
Government bonds |  |  | 7,963 |  |  |  | 1 |  |  |  | — |  |  |  | 7,964 |
Total short-term marketable securities |  | $ | 9,456 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 9,457 |
|  | As of December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 22,549 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,549 |
Corporate bonds |  |  | 10,817 |  |  |  | 1 |  |  |  | (21 | ) |  |  | 10,797 |
Government bonds |  |  | 18,023 |  |  |  | — |  |  |  | (221 | ) |  |  | 17,802 |
Total short-term marketable securities |  | $ | 51,389 |  |  | $ | 1 |  |  | $ | (242 | ) |  | $ | 51,148 |
The following table indicates the length of the time that individual securities have been in a continuous unrealized loss position (dollars in thousands):
|  | As of December 31, 2022 |
|  |  |  |  | Less Than 12 Months |
|  | Number of Investments |  |  | Fair Value |  |  | Unrealized Losses |
Corporate bonds |  |  | 4 |  |  | $ | 9,719 |  |  | $ | 21 |
Government bonds |  |  | 3 |  |  |  | 17,802 |  |  |  | 221 |
Total |  |  | 7 |  |  | $ | 27,521 |  |  | $ | 242 |
As of September 30, 2023 and December 31, 2022, all short-term marketable securities had maturities of one year or less. There have been no significant realized gains or losses on the marketable securities during the three and nine months ended September 30, 2023 and 2022. The Company periodically reviews the available-for-sale investments for credit losses. All investments with unrealized losses have been in a loss position for less than 12 months. The Company determined that the unrealized loss was primarily attributed to changes in current market interest rates and not to credit quality. The Company does not intend to sell the marketable securities that are in an unrealized loss position, nor is it more likely than not that the Company is required to sell the marketable securities before the recovery of the amortized cost basis, which may be at maturity. As of September 30, 2023, there were no securities in an unrealized loss position.

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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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