Fair Value Measurement (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Fair Value Disclosures [Abstract] |
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| 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 March 31, 2024 and December 31, 2023 (in thousands).
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Fair Value Measurement using |
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Level 1 |
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Level 2 |
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Level 3 |
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Total
Fair Value |
As of March 31, 2024 |
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| Assets: |
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| Cash equivalents: |
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| Money Market Funds |
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$ |
97,545 |
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$ |
— |
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$ |
— |
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$ |
97,545 |
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| U.S. Treasuries |
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— |
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39,994 |
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— |
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39,994 |
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| Short-term investments: |
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| U.S. Treasuries |
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— |
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40,243 |
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— |
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40,243 |
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| Liabilities: |
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| Private Placement Warrants |
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$ |
— |
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$ |
— |
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$ |
21,780 |
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$ |
21,780 |
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As of December 31, 2023 |
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| Assets: |
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| Cash equivalents: |
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| Money Market Funds |
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$ |
19,312 |
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$ |
— |
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$ |
— |
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$ |
19,312 |
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| U.S. Treasuries |
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— |
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45,175 |
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— |
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45,175 |
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| Short-term investments: |
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| U.S. Treasuries |
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— |
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73,694 |
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— |
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73,694 |
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| Liabilities: |
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| Private Placement Warrants |
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$ |
— |
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$ |
— |
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$ |
42,900 |
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$ |
42,900 |
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| Schedule of Cash Equivalents and Short-term Investments |
The following is a summary of cash equivalents and short-term investments (in thousands).
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Reported as |
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Amortized Cost |
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Unrealized Gain |
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Unrealized Loss |
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Estimated Fair Value |
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Cash Equivalents |
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Short-term Investments |
| As of March 31, 2024 |
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| Money Market Funds |
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$ |
97,545 |
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$ |
— |
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$ |
— |
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$ |
97,545 |
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$ |
97,545 |
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$ |
— |
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| U.S. Treasuries |
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80,239 |
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— |
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(2) |
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80,237 |
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39,994 |
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40,243 |
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| Total |
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$ |
177,784 |
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$ |
— |
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$ |
(2) |
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$ |
177,782 |
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$ |
137,539 |
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$ |
40,243 |
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| As of December 31, 2023 |
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| Money Market Funds |
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$ |
19,312 |
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$ |
— |
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$ |
— |
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$ |
19,312 |
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$ |
19,312 |
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$ |
— |
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| U.S. Treasuries |
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118,854 |
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15 |
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— |
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118,869 |
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45,175 |
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73,694 |
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| Total |
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$ |
138,166 |
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$ |
15 |
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$ |
— |
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$ |
138,181 |
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$ |
64,487 |
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$ |
73,694 |
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| Schedule of Changes in Fair Value for Level 3 |
The following tables summarize the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).
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Private Placement Warrants
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Fair value as of December 31, 2023 |
$ |
42,900 |
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| Change in fair value |
(21,120) |
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Fair value as of March 31, 2024 |
$ |
21,780 |
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Private Placement Warrants |
Fair value as of January 1, 2023 |
$ |
49,080 |
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| Change in fair value |
12,840 |
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Fair value as of April 2, 2023 |
$ |
61,920 |
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| Schedule of Key Assumptions used for determining Fair Value of Private Placement Warrants |
The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.
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Private Placement Warrants Outstanding as of March 31, 2024 |
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Private Placement Warrants Outstanding as of December 31, 2023 |
| Expected term (in years) |
2.3 |
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2.5 |
| Expected volatility |
92.5% |
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90.0% |
| Risk-free interest rate |
4.5% |
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4.1% |
| Expected dividend rate |
0.0% |
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0.0% |
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