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Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 129,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,881 |
Total assets | $ | 129,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,881 |
Liabilities: | $ | — |  |  | $ | — |  |  | $ | 2,841 |  |  | $ | 2,841 |
Derivative liability | $ | — |  |  | $ | — |  |  | $ | 2,841 |  |  | $ | 2,841 |
Assets measured at fair value on a recurring basis as of December 31, 2023 were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 149,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 149,294 |
Total assets | $ | 149,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 149,294 |
Schedule of Weighted-Average Significant Unobservable Inputs | The following table reconciles the change in fair value of the conversion option derivative liability during the six months ended June 30, 2024 based on Level 3 inputs (in thousands):
| Six Months Ended June 30, 2024
Balance at December 31, 2023 | $ | — |
Fair value of embedded derivative at issuance of term loan | 4,450 |
Change in fair value | (1,609) |
Balance at June 30, 2024 | $ | 2,841 |
A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the conversion option derivative liability in the term loan as of June 30, 2024 and May 2, 2024 (inception) is as follows:
| June 30, 2024 |  | May 2, 2024
Stock Price | $2.44 |  | $6.08
Volatility | 101.0% |  | 101.0%
Risk-free rate (continuous) | 4.5% |  | 4.7%
Expected term (in years) | 0.75 yrs |  | 0.91 yrs
Dividend yield (continuous) | —% |  | —%

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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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://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 + Details
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