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Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
| Fair Value Measurements as of March 31, 2024 Using:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents—money market funds and U.S. Treasury bills | $ | 52,483 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,483 |
Marketable securities— U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes | — |  |  | 20,376 |  |  | — |  |  | 20,376 |
| $ | 52,483 |  |  | $ | 20,376 |  |  | $ | — |  |  | $ | 72,859 |
Liabilities: |  |  |  |  |  |  |
Embedded derivative liability | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |
Class C warrant liability (Note 10) | — |  |  | — |  |  | 29,438 |  |  | 29,438 |
| $ | — |  |  | $ | — |  |  | $ | 29,448 |  |  | $ | 29,448 |
| Fair Value Measurements as of December 31, 2023 Using:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents—money market funds and U.S. Treasury bills | $ | 76,856 |  |  | $ | 4,985 |  |  | $ | — |  |  | $ | 81,841 |
Marketable securities—U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes | — |  |  | 15,000 |  |  | — |  |  | 15,000 |
| $ | 76,856 |  |  | $ | 19,985 |  |  | $ | — |  |  | $ | 96,841 |
Liabilities: |  |  |  |  |  |  |
Embedded derivative liability | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |
Class C warrant liability | — |  |  | — |  |  | 15,683 |  |  | 15,683 |
| $ | — |  |  | $ | — |  |  | $ | 15,693 |  |  | $ | 15,693 |
Debt Securities, Available-for-Sale |
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 4,173 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 4,171 |
Federal Government Agency Securities | 16,239 |  |  | — |  |  | 34 |  |  | 16,205 |
Total available-For-sale debt securities | $ | 20,412 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 20,376 |
Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability | The following table provides a roll-forward of the aggregate fair values financial instruments for which fair values are determined using Level 3 inputs:
(in thousands) | Embedded Derivative Liability |  | Class C Warrant Liability |  | Total |  |
Balance as of December 31, 2023 | $ | 10 |  |  | $ | 15,683 |  |  | $ | 15,693 |  |  |
Change in fair value | — |  |  | 13,755 |  |  | 13,755 |  |  |
Balance as of March 31, 2024 | $ | 10 |  |  | $ | 29,438 |  |  | $ | 29,448 |  |  |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
|  | March 31, 2024 |  | December 31, 2023
Common stock price |  | $1.39 |  | $0.84
Risk-free interest rate |  | 4.3 | % |  | 3.9 | %
Expected term (in years) |  | 3.7 |  | 3.9
Expected volatility |  | 96.1 | % |  | 96.2 | %
Expected dividend yield |  | — | % |  | — | %

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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