Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	765	$	—	$	—		$	765
Money market funds		10,598		—		—			10,598	Level 1
Commercial paper		31,063		—		(15	)		31,048	Level 2
U.S. government securities		1,570		—		—			1,570	Level 2
Total cash and cash equivalents		43,996		—		(15	)		43,981
Short-term investments:
U.S. government securities		51,509		—		(71	)		51,438	Level 2
Total short-term investments		51,509		—		(71	)		51,438
Total assets measured at fair value	$	95,505	$	—	$	(86	)	$	95,419

	December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	3,649	$	—	$	—		$	3,649
Money market funds		14,968		—		—			14,968	Level 1
Commercial paper		34,416		—		(18	)		34,398	Level 2
U.S. agency securities		1,985		1		—			1,986	Level 2
U.S. government securities		1,983		—		—			1,983	Level 2
Total cash and cash equivalents		57,001		1		(18	)		56,984
Short-term investments:
Commercial paper		495		—		—			495	Level 2
U.S. agency securities		1,976		—		—			1,976	Level 2
U.S. government securities		54,720		7		(3	)		54,724	Level 2
Total short-term investments		57,191		7		(3	)		57,195
Total assets measured at fair value	$	114,192	$	8	$	(21	)	$	114,179

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8 for further information about the warrants issued to Tempus.

	As of March 31, 2024		As of December 31, 2023
Expected term (in years)	0.75 - 1.75		1.00 - 2.00
Volatility	103.91 - 106.32%		102.55 - 108.46%
Risk-free interest rate	4.70 - 5.21%		4.23 - 4.79%
Dividend yield	–%		–%
Total fair value of Tempus Warrants (in thousands)	$	5,262	$	10,027

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):

	Warrant Liabilities
Balance—December 31, 2023	$	10,027
Change in fair value		(4,765	)
Balance—March 31, 2024	$	5,262