Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis using the above input categories were as follows (in thousands):

	Pricing Category	Fair Value at
		September 30, 2023		December 31, 2022
Assets:
Cash equivalents and marketable securities:
Money market funds	Level 1	$	9	$	14,941
Short-term investments:
U.S. Treasury securities	Level 1	17,899		224,359
Total		$	17,908	$	239,300

Summary of Cash Equivalents and Marketable Securities

The following is a summary of cash equivalents and marketable securities as of September 30, 2023 (in thousands):

	Amortized Cost		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	9	$	—	$	9
Short-term investments:
U.S. Treasury securities	17,905		(6)		17,899
Total	$	17,914	$	(6)	$	17,908

The following is a summary of cash equivalents and marketable securities as of December 31, 2022 (in thousands):

	Amortized Cost		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	14,941	$	—	$	14,941
Short-term investments:
U.S. Treasury securities	224,904		(545)		224,359
Total	$	239,845	$	(545)	$	239,300

Derivative Liability

A summary of the changes of the derivative liability is as follows (in thousands):

	Derivative liability
Fair value at issuance as of March 31, 2023	$	135,678
Change in fair value	(114,878)
Reclassification of liability upon charter amendment	(20,800)
Fair value as of September 30, 2023	$	—