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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Financial Instruments Measured on a Recurring Basis | The following table summarizes the conclusions reached as of March 31, 2024 and December 31, 2023 for financial instruments measured at fair value on a recurring basis (in thousands):
|  |  |  |  | Fair Value Hierarchy Classification |
|  | Balance |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 854 |  |  | $ | 854 |  |  |  | — |  |  |  | — |
Restricted cash |  |  | 543 |  |  |  | 543 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 34,628 |  |  |  | 34,628 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 36,025 |  |  | $ | 36,025 |  |  |  | — |  |  |  | — |
Warrant liabilities |  | $ | 12,202 |  |  |  | — |  |  |  | — |  |  | $ | 12,202 |
Derivative liability |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 28 |
Total liabilities |  | $ | 12,230 |  |  |  | — |  |  |  | — |  |  | $ | 12,230 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 767 |  |  | $ | 767 |  |  |  | — |  |  |  | — |
Restricted cash |  |  | 543 |  |  |  | 543 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 33,283 |  |  |  | 33,283 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 34,593 |  |  | $ | 34,593 |  |  |  | — |  |  |  | — |
Warrant liabilities |  | $ | 21,810 |  |  |  | — |  |  |  | — |  |  | $ | 21,810 |
Derivative liability |  |  | 196 |  |  |  | — |  |  |  | — |  |  |  | 196 |
Total liabilities |  | $ | 22,006 |  |  |  | — |  |  |  | — |  |  | $ | 22,006 |
Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis | A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):
|  |  | Warrant Liabilities |
Balance – December 31, 2023 |  |  | $ | 21,810 |
Gain adjustment to fair value |  |  |  | (9,608 | )
Balance – March 31, 2024 |  |  | $ | 12,202 |
|  |  | Derivative Liability |
Balance – December 31, 2023 |  |  | $ | 196 |
Gain adjustment to fair value |  |  |  | (168 | )
Balance – March 31, 2024 |  |  | $ | 28 |

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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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