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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		March 31, 2024
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	6,133			$	—			$	—			$	6,133
Commercial paper			—				500				—				500
Total cash equivalents			6,133				500				—				6,633
Short-term investments:
Corporate debt securities			—				1,210				—				1,210
Commercial paper			—				17,745				—				17,745
Total short-term investments			—				18,955				—				18,955
Total assets measured at fair value		$	6,133			$	19,455			$	—			$	25,588

The following table presents 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).

		March 31, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant Liability		$	—			$	—			$	5,600			$	5,600
Total liabilities measured at fair value		$	—			$	—			$	5,600			$	5,600

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 three months ended March 31, 2024 (in thousands):

Warrant liability
Balance at December 31, 2023		$	—
Initial Fair Value of Warrants			11,190
Change in Fair Value of Preferred Warrants			(5,590	)
Balance at March 31, 2024		$	5,600

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):

		March 31, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	6,133			$	—			$	—			$	6,133
Commercial paper			500				—				—				500
Total cash equivalents			6,633				—				—				6,633
Short-term investments:
Corporate debt securities			1,210				—				—				1,210
Commercial paper			17,762				—				(17	)			17,745
Total short-term investments			18,972				—				(17	)			18,955
Total assets measured at fair value		$	25,605			$	—			$	(17	)		$	25,588

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

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-Section 50
-Paragraph 2
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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
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-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

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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

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