Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Schedule of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	91,502	$	—	$	—	$	91,502
Total fair value of assets	$	91,502	$	—	$	—	$	91,502

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	85,887	$	—	$	—	$	85,887
Total fair value of assets	$	85,887	$	—	$	—	$	85,887
Financial liabilities
Earnout liability	$	—	$	—	$	—	$	—
Total fair value of financial liabilities	$	—	$	—	$	—	$	—

Schedule of Changes in the Fair Value of the Company’s Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):

	Earnout Liability
Fair Value as of December 31, 2022	$	18
Change in the fair value included in other expense		764
Fair Value as of March 31, 2023	$	782
Change in the fair value included in other income		(420	)
Fair Value as of June 30, 2023	$	362
Change in the fair value included in other income		(334	)
Fair Value as of September 30, 2023	$	28
Fair Value as of December 31, 2023	$	—
Change in the fair value included in other expense		20
Fair Value as of March 31, 2024	$	20
Change in the fair value included in other expense		—
Fair Value as of June 30, 2024	$	20
Change in the fair value included in other income		(20	)
Fair Value as of September 30, 2024	$	—

Schedule of Fair Value Measurements

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements classified in Level 3 of the fair value hierarchy as of December 31, 2023:

	Fair value (in thousands)		Valuation methodology	Significant unobservable input
Earnout liability	$	—	Monte Carlo Simulation	Common stock price	$	7.89
				Expected term (in years)		0.73
				Expected volatility		94.0	%
				Risk-free interest rate		4.92	%