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Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

The three levels of the fair value hierarchy are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
As of September 30, 2023
(in thousands)Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$495,300 $— $— $495,300 
Liabilities
Warrant liability — Private Placement Warrants$— $— $7,109 $7,109 

As of December 31, 2022
(in thousands)Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$513,009 $— $— $513,009 
Liabilities
Warrant liability — Private Placement Warrants$— $— $15,473 $15,473 
In October 2020, in connection with the consummation of Vesper Healthcare’s initial public offering, the Company issued 9,333,333 warrants to purchase shares of the Company’s Class A Common Stock at $11.50 per share (the “Private Placement Warrants”), to BLS Investor Group LLC. As of September 30, 2023 and December 31, 2022, the Company had approximately 7 million Private Placement Warrants outstanding. As of September 30, 2023 and December 31, 2022, the fair value of the Private Placement Warrants was determined using a Monte Carlo simulation.