Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:

	June 30, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	16,352	$	—	$	—		$	16,352	$	16,352	$	—
Level 1
Money market funds		4,284		—		—			4,284		4,284		—
Level 2
U.S. agency securities		23,664		—		(41	)		23,623		—		23,623
U.S. Treasury securities		20,239		—		(39	)		20,200		1,492		18,708
Commercial paper		35,923		—		(35	)		35,888		1,494		34,394
Corporate bonds		59,956		2		(123	)		59,835		—		59,835
Subtotal		139,782		2		(238	)		139,546		2,986		136,560
Total assets	$	160,417	$	2	$	(238	)	$	160,182	$	23,622	$	136,560
Liabilities
Level 3
Warrant liabilities	$	3,692	$	—	$	—		$	3,692	$	—	$	—
Total liabilities	$	3,692	$	—	$	—		$	3,692	$	—	$	—

	December 31, 2023
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	21,799	$	—	$	—		$	21,799	$	21,799	$	—
Level 1
Money market funds		6,266		—		—			6,266		6,266		—
Level 2
U.S. agency securities		35,962		8		(97	)		35,873		—		35,873
U.S. Treasury securities		18,323		1		(14	)		18,310		10,482		7,828
Commercial paper		38,491		25		(16	)		38,500		—		38,500
Corporate bonds		100,274		136		(130	)		100,280		—		100,280
Subtotal		193,050		170		(257	)		192,963		10,482		182,481
Total assets	$	221,115	$	170	$	(257	)	$	221,028	$	38,547	$	182,481
Liabilities
Level 3
Warrant liabilities	$	6,772			$	—		$	6,772	$	—	$	—
Total liabilities	$	6,772			$	—		$	6,772	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand):

	June 30, 2024			December 31, 2023
Fair value, beginning balance	$	6,772		$	90
Fair value at issuance of Series A Warrants		—			6,450
Change in the fair value of Series A warrants included in other income (expense), net		(3,061	)		300
Change in the fair value of private placement warrants included in other income (expense), net		(19	)		(68	)
Fair value, closing balance	$	3,692		$	6,772

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private placement warrants were as follows for the relevant periods:

	June 30, 2024			December 31, 2023
Expected term (years)		1.7			2.2
Expected volatility		87.4	%		94.1	%
Risk-free interest rate		4.90	%		4.23	%
Dividend yield		0	%		0	%
Exercise Price	$	57.50		$	57.50

The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:

	June 30, 2024			December 31, 2023
Expected term (years)		3.5			4.0
Expected volatility		89.8	%		87.2	%
Risk-free interest rate		4.43	%		3.89	%
Dividend yield		0	%		0	%
Exercise Price	$	5.00		$	5.00