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Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
March 31, 2024
Total Fair Value and Carrying Value on Balance SheetFair Value Measurement Category
Level 1Level 2Level 3
Assets:
Commercial paper$1,198,000 $— $1,198,000 $— 
Corporate notes/bonds6,374,000 — 6,374,000 — 
U.S. treasuries
4,989,000 — 4,989,000 — 
Total investments:$12,561,000 $— $12,561,000 $— 
Money market funds$12,041,000 $12,041,000 $— $— 
Commercial paper classified as restricted investments
2,646,000 — 2,646,000 — 
U.S. treasuries classified as restricted investments
21,800,000 — 21,800,000 — 
Total restricted investments:
$24,446,000 $— $24,446,000 $— 
Liabilities:
Contingent consideration$10,250,000 $— $— $10,250,000 
Convertible notes payable$29,080,000 $— $— $29,080,000 
Purchase option liability$5,060,000 $— $— $5,060,000 
December 31, 2023
Total Fair Value and Carrying Value on Balance SheetFair Value Measurement Category
Level 1Level 2Level 3
Assets:
Corporate notes/bonds14,360,000 — 14,360,000 — 
U.S. treasuries34,463,000 34,463,000 
Total investments:$48,823,000 $— $48,823,000 $— 
Money market funds$9,752,000 $9,752,000 $— $— 
Commercial paper classified as restricted investments
5,432,000 — 5,432,000 — 
U.S. treasuries classified as restricted investments
29,685,000 — 29,685,000 — 
Total restricted investments:
$35,117,000 $— $35,117,000 $— 
Liabilities:
Contingent consideration$10,890,000 $— $— $10,890,000 
Convertible notes payable
$69,803,000 $— $— $69,803,000 
Purchase option liability
$8,534,000 $— $— $8,534,000 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in estimated fair value of contingent consideration liability, convertible notes payable and option liability in the three months ended March 31, 2024 are as follows:
Contingent
Consideration
Liability
(Level 3
Measurement)
Convertible
Notes Payable (Level 3 Measurement)
Option
Liability
(Level 3 Measurement)
Balance as of January 1, 2024
$10,890,000 $69,803,000 $8,534,000 
Issuance of convertible notes payable and option
— — — 
Change in estimated fair value, recorded in selling, general and administrative expenses(640,000)— — 
Changes in estimated fair value, recorded in other income (expense), net
— (4,060,000)(3,474,000)
Change in instrument specific credit risk recorded in OCI
— — — 
Conversions to common stock
— — — 
Cash payments or redemptions
— (36,663,000)— 
Balance as of March 31, 2024
$10,250,000 $29,080,000 $5,060,000 
Changes in estimated fair value of contingent consideration liability in the three months ended March 31, 2023 is as follows:
Contingent
Consideration
Liability
(Level 3
Measurement)
Balance as of January 1, 2023
$22,352,000 
Liability recorded as a result of current period acquisition— 
Change in estimated fair value, recorded in selling, general and administrative expenses789,000 
Cash payments— 
Balance as of March 31, 2023
$23,141,000 
Schedule of Marketable Securities
As of March 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:
Remaining Contractual Maturity (in years)Amortized CostUnrealized GainsUnrealized LossesAggregate Estimated Fair Value
Commercial paperLess than 1$1,199,000 $— $(1,000)$1,198,000 
Corporate notes/bondsLess than 16,374,000 — — 6,374,000 
U.S. treasuries
Less than 14,989,000 — — 4,989,000 
Total maturity less than 1 year$12,562,000 $— $(1,000)$12,561,000 
As of March 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities listed as restricted investments:
Remaining Contractual Maturity (in years)Amortized CostUnrealized GainsUnrealized LossesAggregate Estimated Fair Value
Commercial paperLess than 1$2,650,000 $— $(4,000)$2,646,000 
U.S. treasuries
Less than 121,813,000 — (13,000)21,800,000 
Total maturity less than 1 year$24,463,000 $— $(17,000)$24,446,000 
As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:
Remaining Contractual Maturity (in years)Amortized CostUnrealized GainsUnrealized LossesAggregate Estimated Fair Value
Corporate notes/bondsLess than 1$14,369,000 $— $(9,000)$14,360,000 
U.S. treasuries
Less than 134,459,000 4,000 — 34,463,000 
Total maturity less than 1 year$48,828,000 $4,000 $(9,000)$48,823,000 
As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities listed as restricted investments:
Remaining Contractual Maturity (in years)Amortized CostUnrealized GainsUnrealized LossesAggregate Estimated Fair Value
Commercial paperLess than 1$5,435,000 $— $(3,000)$5,432,000 
U.S. treasuries
Less than 129,682,000 5,000 (2,000)29,685,000 
Total maturity less than 1 year$35,117,000 $5,000 $(5,000)$35,117,000 

As of March 31, 2024, the following table summarizes available-for-sale securities in an unrealized loss position:
Less Than 12 Months12 Months or GreaterTotal
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Commercial paper$1,198,000 $(1,000)$— $— $1,198,000 $(1,000)
Corporate Notes/Bonds6,374,000 — — — 6,374,000 — 
U.S. treasuries
4,989,000 — — — 4,989,000 — 
Total$12,561,000 $(1,000)$— $— $12,561,000 $(1,000)
As of March 31, 2024, the following table summarizes available-for-sale securities listed as restricted investments in an unrealized loss position:
Less Than 12 Months12 Months or GreaterTotal
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Commercial paper$2,646,000 $(4,000)$— $— $2,646,000 $(4,000)
U.S. treasuries
21,800,000 (13,000)— — 21,800,000 (13,000)
Total$24,446,000 $(17,000)$— $— $24,446,000 $(17,000)

As of December 31, 2023, the following table summarizes available-for-sale securities in an unrealized loss position:
Less Than 12 Months12 Months or GreaterTotal
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Corporate Notes/Bonds$2,362,000 $(5,000)$10,001,000 $(4,000)$12,363,000 $(9,000)
Total$2,362,000 $(5,000)$10,001,000 $(4,000)$12,363,000 $(9,000)
As of December 31, 2023, the following table summarizes available-for-sale securities listed as restricted investments in an unrealized loss position:
Less Than 12 Months12 Months or GreaterTotal
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Fair Value
Gross Unrealized Loss
Commercial paper$5,432,000 $(3,000)$— $— $5,432,000 $(3,000)
U.S. treasuries
11,789,000 (2,000)— — 11,789,000 (2,000)
Total$17,221,000 $(5,000)$— $— $17,221,000 $(5,000)
Fair Value Measurement Inputs and Valuation Techniques
Convertible notes payable and purchase option liability
March 31, 2024
December 31, 2023
Expected volatility
82.60 %80.20 %
Risk-free interest rate
5.33 %4.92 %
Term to maturity (years)
0.420.80
Debt discount rate
17.10 %17.11 %
Equity discount rate
5.33 %4.92 %
The terms used to estimate the fair value of the Subsequently Purchased Notes and warrant underlying the Purchase Option liability (the “Subsequently Purchased Warrants”) are as follows:
Subsequently Purchased Notes
Subsequently Purchased
Warrants
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Expected volatility
81.50 %80.20 %75.80 %66.20 %
Risk-free interest rate
4.79 %4.46 %4.17 %3.80 %
Term to maturity (years)
1.421.505.005.00
Dividend yield
— %— %— %— %
Exercise price
— — $3.19$3.19
Debt discount rate
16.50 %16.60 %— %— %
Equity discount rate
4.79 %4.46 %— %— %