Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. Fair Value Measurements

The Company’s material financial instruments at June 30, 2024 and December 31, 2023 consisted primarily of cash and cash equivalents and short-term investments. The fair values of cash and cash equivalents, short-term investments, other current assets and accounts payable approximate their respective carrying values due to the short term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The fair value of the warrant liabilities (see Note 7) require significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

There were no transfers between Levels 1, 2 and 3 during the six months ended June 30, 2024 and the year ended December 31, 2023.

The following table summarizes the assets and liabilities that are measured at fair value and the classification by level of input within the fair value hierarchy (in thousands):

	June 30, 2024
	Level 1		Level 2		Level 3		Recorded Value
Assets:
Cash and cash equivalents	$	18,238	$	—	$	—	$	18,238
Short-term investments		11,122		—		—		11,122
Total assets	$	29,360	$	—	$	—	$	29,360
Liabilities:
Warrant liabilities	$	—	$	—	$	9,121	$	9,121
Total liabilities	$	—	$	—	$	9,121	$	9,121

	December 31, 2023
	Level 1		Level 2		Level 3		Recorded Value
Assets:
Cash and cash equivalents	$	28,920	$	—	$	—	$	28,920
Total assets	$	28,920	$	—	$	—	$	28,920