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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Schedule of fair value of assets measured at fair value on a recurring basis, by level of fair value hierarchy


		September 30, 2024
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	4,551		$	—		$	—		$	4,551
Marketable securities			33,170			3,801			—			36,971
		$	37,721		$	3,801		$	—		$	41,522


		December 31, 2023
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	12,280		$	—		$	—		$	12,280
Marketable securities			10,356			4,173			—			14,529
		$	22,636		$	4,173		$	—		$	26,809

As of September 30, 2024, all marketable securities had a maximum remaining maturity of less than two years.

Schedule of fair value of available for sale marketable securities


		September 30, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	33,025		$	145		$	—		$	33,170
U.S. Government agency securities			3,790			11			—			3,801
		$	36,815		$	156		$	—		$	36,971


		December 31, 2023
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	10,348		$	8		$	—		$	10,356
U.S. Government agency securities			4,166			7			—			4,173
		$	14,514		$	15		$	—		$	14,529

Schedule of fair value of liabilities measured at fair value on a recurring basis, by level of fair value hierarchy


		September 30, 2024
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Warrant liability		$	—		$	—		$	39,964		$	39,964

The Company had no financial liabilities as of December 31, 2023.

Schedule of changes in warrant liabilities



		Warrants
Warrant liability balance as of December 31, 2023		$	—
Issuance of warrants			8,934
Change in fair value			31,030
Warrant liability balance as of September 30, 2024		$	39,964

Schedule of inputs and valuation technique to estimate the fair value of warrant liabilities


					May 6,
					2024
	September 30,				(Date of
	2024				Issuance)
Risk-free interest rate		4.0	%			5.1	%
Expected volatility		80.5	%			104.4	%
Expected term (in years)		0.75				1.15
Share price	$	5.28			$	1.91

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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