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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):
As of December 31, 2023
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$130,132 $— $— $130,132 
Term deposits (less than 90 days)— 2,221 — 2,221 
Payment-dependent notes receivable, non-current— — 5,593 5,593 
Term deposits(1)(2)
— 7,694 — 7,694 
Total financial assets$130,132 $9,915 $5,593 $145,640 
Payment-dependent notes payable, non-current$— $— $5,593 $5,593 
December 2023 warrants(3)
— 4,889 — 4,889 
Private placement warrants— — 4,727 4,727 
Total financial liabilities$— $4,889 $10,320 $15,209 
(1) Included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022.
(2) Includes $1.0 million term deposits required to fulfill the Company's obligations in connection with real estate lease agreements.
(3) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11, "Warrants" for additional information.

As of December 31, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$149,139 $— $— $149,139 
Payment-dependent notes receivable, non-current— — 7,371 7,371 
Total financial assets$149,139 $— $7,371 $156,510 
Payment-dependent notes payable, non-current— — 7,371 7,371 
Junior preferred warrant liabilities— — 384 384 
Private placement warrants— — 222 222 
Total financial liabilities$— $— $7,977 $7,977 
Fair Value Measurement Inputs and Valuation Techniques
The Company estimated the fair value of the Junior Preferred Stock Warrants (1) as of December 31, 2022, using the following key assumptions:    
As of December 31,
2022
Fair value of underlying securities$1.73
Expected term (years)2.9
Expected volatility46.1 %
Risk-free interest rate4.2 %
Expected dividend yield— %
Fair value per warrant$0.15 
(1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants and classified as level 2 in the fair value hierarchy.
The significant assumptions used in the analysis were as follows for the years as of December 31, 2023 and 2022 respectively:
As of December 31,
20232022
Fair value of underlying securities$3.43 $1.73 
Expected term (years)3.25.0
Expected volatility117.0 %44.6 %
Risk-free interest rate4.0 %4.1 %
Expected dividend yield— %— %
Fair value per warrant$0.64 $0.03 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 (in thousands):
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2022$7,371 $7,977 
Change in fair value of payment-dependent notes receivable(1,778)— 
Change in fair value of Private Placement Warrants — 4,505 
Change in fair value of payment-dependent notes payable— (1,778)
Change in fair value of December 2023 Warrants(1)
— 721 
Transfer of December 2023 Warrants out of Level 3 to Level 2(2)
— (1,105)
Balance as of December 31, 2023$5,593 $10,320 


Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2021$13,453 $21,297 
Change in fair value of payment-dependent notes receivable(6,082)— 
Transfer of Private Placement Warrants out of Level 2 to Level 3(2)
— 20,461 
Change in fair value of Series B-1 Preferred Stock Warrant liability— 106 
Exercise of Junior Preferred Stock Warrants— (653)
Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants— (2,950)
Change in fair value of Junior Preferred Stock Warrants— (3,963)
Change in fair value of payment-dependent notes payable— (6,082)
Change in fair value of Private Placement Warrants— (20,239)
Balance as of December 31, 2022$7,371 $7,977 
(1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11 "Warrants," for additional information.
(2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023. The Private Placement Warrants transferred into Level 3 classification on July 11, 2022.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The Company recorded changes in the fair value of the December 2023 Warrants and Junior Preferred Stock Warrant liability as follows (in thousands):

For the years ended December 31,
202320222021
Balance, January 1$384 $5,000 $1,528 
Change in fair value of warrant liability(1)
1,960 (3,829)3,472 
Change in fair value of contingent liability(2)
2,545 — — 
Issuance of common stock on warrant exercise— (787)— 
Balance, December 31$4,889 $384 $5,000 

(1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities.
(2) The change in fair value of contingent liability in connection with the modification of the Junior Preferred Stock Warrants to the December 2023 Warrants is recorded in the consolidated statement of operations within General and administrative expense.
The Company recorded changes in the fair value of the liability related to the Private Placement Warrant as of December 31, 2023, and 2022, respectively in the following amounts (in thousands):
For the years ended December 31,
20232022
Balance, January 1$222 $— 
Assumption of Private Placement Warrants
— 4,875 
Change in fair value of warrant liability(1)
4,505 (4,653)
Issuance of common stock on warrant exercise— — 
Balance, December 31$4,727 $222 
(1) The change in fair value of warrant liability is recorded in the consolidated statement of operations within Change in fair value of warrant liabilities.
The following tables provide reconciliation for all financial assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 (in thousands):
Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2022$7,371 $7,977 
Change in fair value of payment-dependent notes receivable(1,778)— 
Change in fair value of Private Placement Warrants — 4,505 
Change in fair value of payment-dependent notes payable— (1,778)
Change in fair value of December 2023 Warrants(1)
— 721 
Transfer of December 2023 Warrants out of Level 3 to Level 2(2)
— (1,105)
Balance as of December 31, 2023$5,593 $10,320 


Total Level 3 Financial AssetsTotal Level 3 Financial Liabilities
Balance as of December 31, 2021$13,453 $21,297 
Change in fair value of payment-dependent notes receivable(6,082)— 
Transfer of Private Placement Warrants out of Level 2 to Level 3(2)
— 20,461 
Change in fair value of Series B-1 Preferred Stock Warrant liability— 106 
Exercise of Junior Preferred Stock Warrants— (653)
Settlement of Series B-1 Preferred Stock Warrant Liability via conversion to equity-classified common stock warrants— (2,950)
Change in fair value of Junior Preferred Stock Warrants— (3,963)
Change in fair value of payment-dependent notes payable— (6,082)
Change in fair value of Private Placement Warrants— (20,239)
Balance as of December 31, 2022$7,371 $7,977 
(1) On December 18, 2023, the then outstanding Junior Preferred Stock Warrants were modified and replaced with the December 2023 Warrants. See Note 8, "Commitments and Contingencies" and Note 11 "Warrants," for additional information.
(2) Transfers into/out of the Level 3 classification are reflected at beginning-of-reporting period fair values in which the instrument transferred into or out of Level 3. The December 2023 Warrants transferred out of Level 3 classification on December 18, 2023. The Private Placement Warrants transferred into Level 3 classification on July 11, 2022.