Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands) as of December 31, 2023 and 2022:

			Basis of Fair Value Measurements
	December 31, 2023		Level 1		Level 2		Level 3
Money market funds	$	11,395	$	11,395	$	—	$	—
Total	$	11,395	$	11,395	$	—	$	—
Amounts included in:
Cash and cash equivalents	$	11,395
Total cash equivalents	$	11,395

			Basis of Fair Value Measurements
	December 31, 2022		Level 1		Level 2		Level 3
Money market funds	$	24,546	$	24,546	$	—	$	—
Commercial paper		21,134		—		21,134		—
United States Treasury Bills		10,702		—		10,702		—
Cash		2,500		2,500		—		—
Total	$	58,882	$	27,046	$	31,836	$	—
Amounts included in:
Cash and cash equivalents	$	30,023
Marketable securities, current		28,859
Total cash equivalents and marketable securities	$	58,882

Summary of Company's Available-for-Sale Securities

The following is a summary of the Company’s available-for-sale securities (in thousands) as of December 31, 2023 and 2022:

	December 31, 2023
			Unrealized		Unrealized		Fair
	Cost Basis		Gain		Loss		Value
Cash equivalents - money market funds	$	11,395	$	—	$	—	$	11,395

	December 31, 2022
			Unrealized		Unrealized		Fair
	Cost Basis		Gain		Loss		Value
Cash equivalents - money market funds, commercial paper	$	30,022	$	1	$	—	$	30,023
Marketable securities, current - commercial paper, Treasury bills		28,926		—		(67)		28,859

Financial Liabilities at Fair Value on Recurring Basis

The following table sets forth the Company’s financial liabilities (convertible secured contingent value right) at fair value on a recurring basis (in thousands):

			Basis of Fair Value Measurements
	December 31, 2023		Level 1		Level 2		Level 3
Conversion right and contingent value right	$	2,702	$	—	$	—	$	2,702
Total	$	2,702	$	—	$	—	$	2,702

Schedule of Fair Value of Warrants Key Inputs

The fair value of these warrants was determined using a Black-Scholes option-pricing model with the following key inputs:

		June 16, 2023
Risk-free interest rate		3.77	%
Expected term (in years)		10.0
Dividend yield		—
Volatility		80.00	%
Stock price	$	0.53