Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides information by level for the Company’s assets and liabilities that were measured at fair value on a recurring basis (in thousands):


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	21,793	$	—	$	—	$	21,793

Short-term investments:
Commercial paper	—		82,917		—		82,917
Corporate debt and U.S. government agency securities	—		56,629		—		56,629
Total short-term investments	—		139,546		—		139,546
Total financial assets	$	21,793	$	139,546	$	—	$	161,339
Liabilities
Warrant liabilities	$	—	$	—	$	250	$	250
Total financial liabilities	$	—	$	—	$	250	$	250


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	7,354	$	—	$	—	$	7,354
Commercial paper	—		2,989		—		2,989
Short-term investments:
Commercial paper	—		80,620		—		80,620
Corporate debt and U.S. government agency securities	—		58,538		—		58,538
Total short-term investments	—		139,158		—		139,158
Total financial assets	$	7,354	$	142,147	$	—	$	149,501
Liabilities
Warrant liabilities	$	—	$	—	$	229	$	229
Total financial liabilities	$	—	$	—	$	229	$	229

Schedule 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 thousands):


	Private Placement Warrant Liability
Fair value as of December 31, 2023	$	229
Change in the fair value included in other income, net	21
Fair value as of March 31, 2024	$	250

Fair value as of December 31, 2022	180

Change in the fair value included in other income, net	(106)

Fair value as of March 31, 2023	$	74