Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements as of June 30, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,620	$	—	$	—	$	20,620
Total assets	$	20,620	$	—	$	—	$	20,620
Warrant liabilities	$	—	$	—	$	1,968	$	1,968
Total liabilities	$	—	$	—	$	1,968	$	1,968

	Fair Value Measurements as of December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	47,863	$	—	$	—	$	47,863
Commercial paper		—		11,691		—		11,691
Government securities		—		4,966		—		4,966
Investments:
Commercial paper	$	—	$	2,465	$	—	$	2,465
Corporate bonds		—		2,957		—		2,957
Government securities		—		12,889		—		12,889
	$	47,863	$	34,968	$	—	$	82,831

Schedule Of Level 3 Inputs to Warrant Liabilities

On the Closing Date (as defined in Note 9, Notes Payable) and as of June 30, 2023, the Level 3 inputs to the warrant liabilities are as follows:

	Closing Date			June 30, 2023
Volatility		83.0	%		82.0	%
Term (in years)		1.7			1.5

Schedule of Reconciliation Company's Liabilities Measured at Fair Value on Recurring Basis

A reconciliation of the beginning and ending balances for the three and six months ended June 30, 2023 for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):

	Warrant Liabilities
Balance as of December 31, 2022	$	—
Issuance of warrants		2,100
Adjustment to fair value		(132	)
Balance as of June 30, 2023		1,968