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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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

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	%