Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair value of financial instruments

Schedule of financial instruments measured at fair value on a recurring basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):

	September 30, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets
Cash equivalents	$	93,191	$	93,191	$	—	$	—
Total financial assets	$	93,191	$	93,191	$	—	$	—
Warrant liability	$	26,138	$	—	$	—	$	26,138

	December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets
Cash equivalents	$	46,093	$	46,093	$	—	$	—
Short-term investments		59,220		5,992		53,228		—
Total financial assets	$	105,313	$	52,085	$	53,228	$	—
Preferred stock tranche liability	$	4,189	$	—	$	—	$	4,189

Schedule of inputs used to value the preferred stock tranche liability and warrant liability

	December 31, 2023
Risk-free interest rate	5.13-5.52	%
Volatility	75	%
Dividend yield	—
Remaining term (years)	0.6

	September 30, 2024		July 23, 2024
Risk-free interest rate	3.88	%	4.63	%
Volatility	118	%	132	%
Dividend yield	—		—
Remaining term (years)	1.3		1.5

Schedule of reconciliation of the preferred stock right liability

The following table represents a reconciliation of the preferred stock right liability recorded in connection with the entry into the Securities Purchase Agreement (in thousands):

January 1, 2024	$	4,189
Fair value adjustment		(4,189)
September 30, 2024	$	—

Schedule of reconciliation of warrant liability

The following table represents a reconciliation of the warrant liability (in thousands):

July 23, 2024	$	39,595
Fair value adjustment		(13,457)
September 30, 2024	$	26,138