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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

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

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):


Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2024
Assets:
Cash and cash equivalents	$	70,651	$	70,651	$	—	$	—


Due from factor:
Beneficiary interest in factored invoices	1,062		—		—		1,062
Other non-current liabilities
Warrant liability	987		—		—		987
Total	$	72,700	$	70,651	$	—	$	2,049
December 31, 2023
Assets:
Cash and cash equivalents	$	221,755	$	221,755	$	—	$	—



Due from factor:
Beneficiary interest in factored invoices	560		—		—		560
Total	$	222,315	$	221,755	$	—	$	560

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows a reconciliation of the beginning and ending balances for due from factor Level 3 financial liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024:


	For the nine months ended September 30,
	2024
Balance at December 31, 2023	$	560
Beneficiary interest obtained in transferred invoices	4,850
Gross proceeds from previously transferred invoices	(4,240)
Accrual for factor reserve deficiency	(26)
Accrual for anticipated loss on sale of invoices	(82)
Balance at September 30, 2024	$	1,062

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows a reconciliation of the beginning and ending balances for other non-current liabilities due from factor Level 3 financial liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024:


	For the nine months ended September 30,
	2024
Balance at December 31, 2023	$	—
Warrant modification and reclassification to liabilities	2,100
Change in fair value	(1,113)
Balance at September 30, 2024	$	987

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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