Rodgers Silicon Valley Acquisition Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of December 31, 2023 and January 1, 2023 (in thousands).


	Fair Value Measurement using
	Level 1		Level 2		Level 3		Total Fair Value
As of December 31, 2023
Assets:
Cash equivalents:
Money Market Funds	$	19,312	$	—	$	—	$	19,312
U.S. Treasuries	—		45,175		—		45,175
Short-term investments:
U.S. Treasuries	—		73,694		—		73,694


Liabilities:
Private Placement Warrants	$	—	$	—	$	42,900	$	42,900

As of January 1, 2023
Assets:
Cash equivalents:
Money Market Funds	$	319,946	$	—	$	—	$	319,946
Liabilities:
Private Placement Warrants	$	—	$	—	$	49,080	$	49,080

Schedule of Cash Equivalents and Short-term Investments

The following is a summary of cash equivalents and short-term investments (in thousands).


									Reported as
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Cash Equivalents		Short-term Investments
As of December 31, 2023
Money Market Funds	$	19,312	$	—	$	—	$	19,312	$	19,312	$	—
U.S. Treasuries	118,854		15				118,869		45,175		73,694
Total	$	138,166	$	15	$	—	$	138,181	$	64,487	$	73,694

As of January 1, 2023
Money Market Funds	$	319,946	$	—	$	—	$	319,946	$	319,946	$	—

Schedule of Changes in Fair Value for Level 3

The following table summarizes the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).


	Private Placement Warrants
Fair value as of January 2, 2022	$	124,260


Change in fair value	(75,180)
Fair value as of January 1, 2023	49,080
Change in fair value	(6,180)
Fair value as of December 31, 2023	$	42,900

Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants

The following table summarizes the key assumptions used for determining the fair value of common stock warrants.


	Private Placement Warrants Outstanding as of December 31, 2023	Private Placement Warrants Outstanding as of January 1, 2023	Private Placement Warrants Outstanding as of January 2, 2022
Expected term (in years)	2.5	3.5	4.5
Expected volatility	90.0%	92.5%	77.5%
Risk-free interest rate	4.1%	4.2%	1.2%
Expected dividend rate	—%	—%	—%