Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair value and classification of instruments

The fair value of these assets and liabilities as of March 31, 2024 and December 31, 2023 are classified as follows (in thousands):

	As of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	42,528	$	—	$	—	$	42,528
Total assets	$	42,528	$	—	$	—	$	42,528
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	1,924	$	1,924
Convertible notes (Note 8)	—		—		4,057		4,057
Total liabilities	$	—	$	—	$	5,981	$	5,981

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	41,981	$	—	$	—	$	41,981
Total assets	$	41,981	$	—	$	—	$	41,981
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	217	$	217
Convertible notes (Note 8)	—		—		3,449		3,449
Total liabilities	$	—	$	—	$	3,666	$	3,666

Change in fair value of convertible notes and contingent liability

The change in fair value of the Level 3 instruments were as follows (in thousands):

	As of March 31, 2024
	Derivative liability (Note 9)		Convertible notes (Note 8)
Fair value, beginning of the year	$	217	$	3,449
Changes in fair value	1,707		608
Fair value, end of period	$	1,924	$	4,057

	As of December 31, 2023
	Derivative liability (Note 9)		Convertible notes (Note 8)
Fair value, beginning of the year	$	101	$	6,938
Vesting of revesting notes	—		72
Forfeiture of revesting notes	—		(326)
Repayment of convertible notes (Note 8)	—		(3,919)
Changes in fair value	116		684
Fair value, end of period	$	217	$	3,449