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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following tables summarize the Company’s financial instruments by significant investment category measured at fair value on a recurring basis within the fair value hierarchy as described herein (in thousands):

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

As of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,705

 

 

$

33,705

 

 

$

 

 

$

 

Total cash and cash equivalents

 

$

33,705

 

 

$

33,705

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

124,902

 

 

$

 

 

$

124,902

 

 

$

 

Total short-term investments

 

$

124,902

 

 

$

 

 

$

124,902

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets measured at fair value

 

$

158,607

 

 

$

33,705

 

 

$

124,902

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,385

 

 

$

35,385

 

 

$

 

 

$

 

Total cash and cash equivalents

 

$

35,385

 

 

$

35,385

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

63,191

 

 

$

 

 

$

63,191

 

 

$

 

Total short-term investments

 

$

63,191

 

 

$

 

 

$

63,191

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets measured at fair value

 

$

98,576

 

 

$

35,385

 

 

$

63,191

 

 

$

 

 

There were no transfers within the hierarchy and no changes in the valuation techniques used during the six months ended June 30, 2024.

The following table summarizes available-for-sale securities (in thousands):

 

 

 

 

 

 

 

 

As of June 30, 2024

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

$

33,705

 

 

$

 

 

$

 

 

$

33,705

 

Total cash and cash equivalents

 

 

 

$

33,705

 

 

$

 

 

$

 

 

$

33,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

1 or less

 

$

124,949

 

 

$

 

 

$

(47

)

 

$

124,902

 

Total short-term investments

 

 

 

$

124,949

 

 

$

 

 

$

(47

)

 

$

124,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total available-for-sale securities

 

 

 

$

158,654

 

 

$

 

 

$

(47

)

 

$

158,607

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

$

35,385

 

 

$

 

 

$

 

 

$

35,385

 

Total cash and cash equivalents

 

 

 

$

35,385

 

 

$

 

 

$

 

 

$

35,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

1 or less

 

$

63,169

 

 

$

22

 

 

$

 

 

$

63,191

 

Total short-term investments

 

 

 

$

63,169

 

 

$

22

 

 

$

 

 

$

63,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total available-for-sale securities

 

 

 

$

98,554

 

 

$

22

 

 

$

 

 

$

98,576

 

 

As of June 30, 2024, none of the available-for-sale securities held have been in an unrealized loss position for greater than 12 months. The Company does not intend to sell these investments and it is not likely that the Company will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recorded.

Liabilities measured at fair value on a recurring basis

The following table presents information about the Company's liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs we utilized to determine such fair value:

 

 

 

 

 

Fair value of warrant liabilities as of Closing Date

 

$

906

 

Change in fair value of warrant liabilities

 

 

(453

)

Fair value of warrant liabilities as of June 30, 2024

 

$

453

 

Warrant liabilities

The Warrants were valued using Level 2 inputs as of the Closing Date as the Public Warrants were actively traded as of the Closing Date. Therefore, the Company had directly observable prices for identical instruments as of the Closing Date. As of June 30, 2024, the Public Warrants were no longer publicly traded (see Note 1), so the Warrants were valued using a binomial lattice model (a special case of the income approach), using the following Level 3 inputs:

 

 

 

June 30, 2024

 

Volatility

 

 

70.2

%

Risk-free rate

 

 

4.62

%

Warrant term

 

 

2.2