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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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)
Included in cash and cash equivalents on the condensed consolidated balance sheet.
(2)
Consists of $1.5 million in cash and cash equivalents and $1.5 million in short-term marketable securities.
(3)
See Note 10.
Schedule of Marketable Securities by Security Type

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

 
Schedule Of Unrealized Loss On Investments

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