Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

Measured on Recurring Basis

Items measured at fair value on a recurring basis are the Company’s investments and warrant liability. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:

	Fair Value Measurements as of March 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	17,107	$	-	$	-	$	17,107
		17,107		-		-		17,107
Investments:
U.S. Treasury securities		-		273,846		-		273,846
Corporate Bonds		-		21,191		-		21,191
		-		295,037		-		295,037
Total assets	$	17,107	$	295,037	$	-	$	312,144
Liabilities:
Warrant liability	$	-	$	-	$	765	$	765
Total liabilities	$	-	$	-	$	765	$	765
	Fair Value Measurements as of December 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	50,737	$	-	$	-	$	50,737
U.S. Treasury Securities		-		2,487		-		2,487
		50,737		2,487		-		53,224
Investments:
U.S. Treasury securities		-		312,696		-		312,696
Corporate Bonds		-		38,895		-		38,895
		-		351,591		-		351,591
Total assets	$	50,737	$	354,078	$	-	$	404,815
Liabilities:
Warrant liability	$	-	$	-	$	1,876	$	1,876
Total liabilities	$	-	$	-	$	1,876	$	1,876

Changes in Level 3 Liabilities Measured at Fair Value

The reconciliation of the Company’s warrant liability, which is recorded as part of other liabilities in the Consolidated Balance Sheets, measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

	Warrant Liability
Balance, December 31, 2023	$	1,876
Fair value adjustments		(1,111	)
Balance, March 31, 2024	$	765

Level 3 Fair Value of the Private Warrants

The fair value of the warrant liability has been estimated with the following assumptions:

	March 31, 2024			December 31, 2023
Stock price	$	26.94		$	29.50
Exercise price	$	65.23		$	65.23
Expected volatility		63.34	%		68.83	%
Risk-free interest rate		5.04	%		4.70	%
Expected dividend yield		-			-
Expected life (years)		1.06			1.31
Fair value per warrant	$	1.24		$	3.04