XML 82 R23.htm IDEA: XBRL DOCUMENT
v3.24.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,634 |
Commercial paper |  |  | — |  |  |  | 1,738 |  |  |  | — |  |  |  | 1,738 |
Total cash equivalents |  |  | 3,634 |  |  |  | 1,738 |  |  |  | — |  |  |  | 5,372 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | — |  |  |  | 5,213 |  |  |  | — |  |  |  | 5,213 |
U.S. Government sponsored entities - mortgage-backed securities |  |  | — |  |  |  | 495 |  |  |  | — |  |  |  | 495 |
Total short-term investments |  |  | — |  |  |  | 5,708 |  |  |  | — |  |  |  | 5,708 |
Total assets measured at fair value |  | $ | 3,634 |  |  | $ | 7,446 |  |  | $ | — |  |  | $ | 11,080 |
The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Convertible promissory notes |  | $ | — |  |  | $ | — |  |  | $ | 5,157 |  |  | $ | 5,157 |
Preferred Warrants liability |  |  | — |  |  |  | — |  |  |  | 1,453 |  |  |  | 1,453 |
Convertible Promissory Note Warrants liability |  |  | — |  |  |  | — |  |  |  | 1,192 |  |  |  | 1,192 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | — |  |  | $ | 7,802 |  |  | $ | 7,802 |
Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs | The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the year ended December 31, 2023 (in thousands):
Convertible Promissory Note liability |  |  |
Balance at December 31, 2022 |  | $ | 5,157 |
Change in Fair Value of Convertible Promissory Notes |  |  | (2,022 | )
Accrued Interest |  |  | 110 |
Conversion of Convertible Promissory Notes to equity |  |  | (3,245 | )
Balance at December 31, 2023 |  | $ | — |
Preferred Warrant liability |  |  |
Balance at December 31, 2022 |  | $ | 1,453 |
Change in Fair Value of Preferred Warrants |  |  | (795 | )
Conversion of warrant liability to equity |  |  | (658 | )
Balance at December 31, 2023 |  | $ | — |
Convertible Promissory Note Warrants liability |  |  |
Balance at December 31, 2022 |  | $ | 1,192 |
Change in Fair Value of Convertible Promissory Note Warrants |  |  | (351 | )
Conversion of Convertible Promissory Note Warrants liability to equity |  |  | (841 | )
Balance at December 31, 2023 |  | $ | — |
Summary of Company's Financial Assets Measured at Fair Value | The following table presents information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,634 |
Commercial paper |  |  | 1,738 |  |  |  | — |  |  |  | — |  |  |  | 1,738 |
Total cash equivalents |  |  | 5,372 |  |  |  | — |  |  |  | — |  |  |  | 5,372 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 5,211 |  |  |  | 2 |  |  |  | — |  |  |  | 5,213 |
U.S. Government sponsored entities - mortgage-backed securities |  |  | 495 |  |  |  | — |  |  |  | — |  |  |  | 495 |
Total short-term investments |  |  | 5,706 |  |  |  | 2 |  |  |  | — |  |  |  | 5,708 |
Total assets measured at fair value |  | $ | 11,078 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 11,080 |

X
- 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
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/disclosureRef -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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration