Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.24.2
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): 
  March 31, 2024
  Fair Value Measurements Using
  Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
  (Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 104,776  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 5,670 
Warrant liability $ —  $ —  194,901 

  December 31, 2023
  Fair Value Measurements Using
  Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
  (Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 7,077  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 5,550 

*Investments in money market funds are reflected in cash and cash equivalents on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Changes in the Fair Value
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability and derivative liability for the three months ended March 31, 2024:
  Warrant liability Derivative liability Total
Balance at December 31, 2023 $ —  $ 5,550  $ 5,550 
Initial valuation of warrant liability 194,901  —  194,901 
Change in fair value —  120  120 
Balance at March 31, 2024 $ 194,901  $ 5,670  $ 200,571 
  Warrant liability Derivative liability Total
Balance at December 31, 2022 $ —  $ 4,830  $ 4,830 
Initial valuation of warrant liability —  —  — 
Change in fair value —  180  180 
Balance at March 31, 2023 $ —  $ 5,010  $ 5,010 
Fair Value Measurement Inputs and Valuation Techniques The warrant liability was classified as a Level 3 instrument as its value was based on unobservable market inputs. The inputs utilized include the following:
As of March 31, 2024
Common stock price $ 21.75 
Expected term (in years) 0.5
Expected volatility 109  %
Risk-free rate 5.35  %
Exercise price $ 5.796933 
Dividend yield rate —  %