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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