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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair value |
Schedule of financial assets or liabilities measured at fair value on a recurring basis |
|  | As of |
|  | September 30, 2024 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash |  | $ | 13,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,757 |
Money market funds |  |  | 85,110 |  |  |  | — |  |  |  | — |  |  |  | 85,110 |
Total cash and cash equivalents |  | $ | 98,867 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,867 |
Total financial assets measured at fair value on a recurring basis |  | $ | 98,867 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,867 |
Warrant liabilities - common warrants |  |  | — |  |  |  | — |  |  |  | 82,377 |  |  |  | 82,377 |
Total financial liabilities measured at fair value on a recurring basis |  | $ | — |  |  | $ | — |  |  | $ | 82,377 |  |  | $ | 82,377 |
|  | As of |
|  | December 31, 2023 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash |  | $ | 24,887 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,887 |
Money market funds |  |  | 25,011 |  |  |  | — |  |  |  | — |  |  |  | 25,011 |
Total cash and cash equivalents |  | $ | 49,898 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,898 |
Total financial assets measured at fair value on a recurring basis |  | $ | 49,898 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,898 |
Warrant liabilities - common warrants |  |  | — |  |  |  | — |  |  |  | 53,725 |  |  |  | 53,725 |
Total financial liabilities measured at fair value on a recurring basis |  | $ | — |  |  | $ | — |  |  | $ | 53,725 |  |  | $ | 53,725 |
Schedule of aggregate fair values of the Company's warrant liability | The following table provides a roll forward of the aggregate fair values of the Company’s warrant liability, for which fair value is determined using Level 3 inputs (in thousands):
|  | Warrant Liabilities |
Balance as of January 1, 2024 |  | $ | 53,725 |
Warrants exercised |  |  | (52,193 | )
Change in fair value |  |  | 80,845 |
Balance as of September 30, 2024 |  | $ | 82,377 |
Common Warrants |
Fair value |
Schedule of aggregate fair values of the Company's warrant liability |
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected term (in years) |  |  | 2.1 |  |  |  | 2.4 |
Volatility |  |  | 99.92 | % |  |  | 109.46 | %
Risk-free interest rate |  |  | 3.77 | % |  |  | 4.32 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %

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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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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
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