| 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):
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September 30, 2024 |
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Fair Value Measurements Using |
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Quoted prices in active markets for identical assets |
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Significant other observable inputs |
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Significant unobservable inputs |
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(Level 1) |
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(Level 2) |
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(Level 3) |
| Assets |
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| Investments in money market funds* |
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$ |
80,935 |
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$ |
— |
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$ |
— |
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| Liabilities |
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| Warrant liability |
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$ |
— |
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$ |
— |
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$ |
46,830 |
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| Derivative liability |
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$ |
— |
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$ |
— |
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$ |
11,810 |
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December 31, 2023 |
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Fair Value Measurements Using |
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Quoted prices in active markets for identical assets |
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Significant other observable inputs |
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Significant unobservable inputs |
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(Level 1) |
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(Level 2) |
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(Level 3) |
| Assets |
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| Investments in money market funds* |
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$ |
7,077 |
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$ |
— |
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$ |
— |
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| Liabilities |
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| Derivative liability |
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$ |
— |
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$ |
— |
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$ |
5,550 |
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*Investments in money market funds are reflected in cash and cash equivalents on the accompanying unaudited condensed consolidated balance sheets.
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| 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 and nine months ended September 30, 2024 and September 30, 2023:
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Warrant liability |
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Derivative liability |
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Total |
| Balance at June 30, 2024 |
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$ |
82,855 |
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$ |
10,710 |
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$ |
93,565 |
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| Change in fair value |
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(36,025) |
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1,100 |
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(34,925) |
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| Balance at September 30, 2024 |
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$ |
46,830 |
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$ |
11,810 |
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$ |
58,640 |
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Warrant liability |
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Derivative liability |
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Total |
| Balance at December 31, 2023 |
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$ |
— |
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$ |
5,550 |
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$ |
5,550 |
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| Initial valuation of warrant liability |
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194,901 |
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— |
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194,901 |
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| Change in fair value |
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(148,071) |
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6,260 |
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(141,811) |
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| Balance at September 30, 2024 |
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$ |
46,830 |
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$ |
11,810 |
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$ |
58,640 |
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Derivative liability |
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Total |
| Balance at June 30, 2023 |
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$ |
5,050 |
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$ |
5,050 |
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| Change in fair value |
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(100) |
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(100) |
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| Balance at September 30, 2023 |
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$ |
4,950 |
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$ |
4,950 |
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Derivative liability |
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Total |
| Balance at December 31, 2022 |
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$ |
4,830 |
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$ |
4,830 |
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| Change in fair value |
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120 |
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120 |
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| Balance at September 30, 2023 |
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$ |
4,950 |
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$ |
4,950 |
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