Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (amounts in thousands):

	Fair value measurement at reporting date using
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2023
Assets
Money Market fund	$	40,278	$	—	$	—
U.S. Treasury securities	$	149,332	$	—	$	—
Liabilities
Note Purchase Agreement	$	—	$	—	$	74,000

December 31, 2022
Liabilities
Note Purchase Agreement	$	—	$	—	$	69,800

Schedule of Debt Securities, Fair Value of U.S. Treasury Securities and Money Market Fund

The following represents the amortized cost bases and fair values of the Company’s U.S. Treasury securities and its money market fund as of September 30, 2023 (amounts in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money Market fund, included in Cash and cash equivalents	$	40,278	$	—	$	—	$	40,278
U.S. Treasury securities, included in:
Cash and cash equivalents	$	39,395	$	94	$	—	$	39,489
Short-term investments	108,587		1,256		—		109,843
Total U.S. Treasury securities	$	147,982	$	1,350	$	—	$	149,332

Reconciliation of the Redemption Feature Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

For the Company's financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3), the following table provides a reconciliation of the beginning and ending balances for each category therein (amounts in thousands):

	Contingent Value Rights		Note Purchase Agreement
Balance at January 1, 2022	$	37,700	$	75,700
Change in fair value	1,980		(5,900)
Settlement	(39,680)		—
Balance at December 31, 2022	$	—	$	69,800
Change in fair value	—		4,200
Balance at September 30, 2023	$	—	$	74,000