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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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):

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	6,672			$	—			$	—			$	6,672
U.S. Treasury bills			—				2,248				—				2,248
Total cash equivalents			6,672				2,248				—				8,920
Short-term investments:
Commercial paper			—				4,461				—				4,461
U.S. Treasury bills			—				991				—				991
Total short-term investments			—				5,452				—				5,452
Total assets measured at fair value		$	6,672			$	7,700			$	—			$	14,372

		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 table presents information about the Company’s financial liabilities 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).

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant Liability		$	—			$	—			$	3,400			$	3,400
Total liabilities measured at fair value		$	—			$	—			$	3,400			$	3,400

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 nine months ended September 30, 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
Change in Fair Value of Preferred Warrants			(2,300	)
Balance at June 30, 2024			3,300
Forfeiture of warrants			(200	)
Change in Fair Value of Preferred Warrants			300
Balance at September 30, 2024		$	3,400

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):

		September 30, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	6,672			$	—			$	—			$	6,672
U.S Treasury bills			2,248				—				—				2,248
Total cash equivalents			8,920				—				—				8,920
Short-term investments:
Commercial paper			4,458				3				—				4,461
U.S Treasury bills			990				1				—				991
Total short-term investments			5,448				4				—				5,452
Total assets measured at fair value		$	14,368			$	4			$	—			$	14,372

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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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