Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Summary of information about Company's financial assets and liabilities

The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities as of June 30, 2024 and December 31, 2023, respectively (in thousands):

	June 30, 2024
	Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	12,315	$	—	$	—
Short-term investments:
U.S. treasury securities		—		76,796		—
Corporate bonds		2,996		—		—
Total Assets	$	15,311	$	76,796	$	—
Liabilities:
Derivative warrant liability – Public Warrants	$	1,446	$	—	$	—
Derivative warrant liability – Private Warrants		—		—		1,964
Earn-out liabilities		—		—		2,461
Total Liabilities	$	1,446	$	—	$	4,425

	December 31, 2023
	Level 1		Level 2		Level 3
Assets:
Cash Equivalents:
Money Market Funds	$	15,681	$	—	$	—
Short-term investments:
U.S treasury securities		—		45,270		—
U.S. government agency bonds		—		7,927		—
Corporate bonds		25,340		—		—
Total Assets	$	41,021	$	53,197	$	—
Liabilities:
Derivative warrant liability – Public Warrants	$	1,323	$	—	$	—
Derivative warrant liability – Private Warrants		—		—		1,604
Earn-out liabilities		—		—		2,155
Total Liabilities	$	1,323	$	—	$	3,759

Summary of change in fair value of derivative liabilities

A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the six months ended June 30, 2024, and 2023 respectively, is as follows (in thousands):

	Derivative		Forward
	Warrant Liability -		Warrant		Earn-out
	Private Warrants		Agreement		Liabilities
Balance – December 31, 2023	$	1,604	$	—	$	2,155
Change in fair value - three months ended March 31, 2024		1,505		—		1,621
Change in fair value - three months ended June 30, 2024		(1,145)		—		(1,315)
Balance – June 30, 2024	$	1,964	$	—	$	2,461
Balance – December 31, 2022	$	1,068	$	(2,229)	$	1,206
Change in fair value - three months ended March 31, 2023		623		1,100		281
Transfer from Private Warrants to Public Warrants		(158)		—		—
Change in fair value - three months ended June 30, 2023		(133)		44		350
Balance – June 30, 2023	$	1,400	$	(1,085)	$	1,837