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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Marketable Securities Classified as Available-for-sale Securities Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2024 (in thousands):

 

 

 

June 30, 2024

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

U.S. Treasury securities

 

$

237,732

 

 

$

-

 

 

$

(151

)

 

$

237,581

 

Total

 

$

237,732

 

 

$

-

 

 

$

(151

)

 

$

237,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Financial Instruments Measured at Fair Value on Recurring Basis

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 (in thousands):

 

 

 

Fair Value Measurements at June 30, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

39,829

 

 

$

39,829

 

 

$

-

 

 

$

-

 

Total cash equivalents

 

$

39,829

 

 

$

39,829

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

237,581

 

 

 

—

 

 

 

237,581

 

 

 

—

 

Total marketable securities

 

$

237,581

 

 

$

—

 

 

$

237,581

 

 

$

—

 

Total assets

 

$

277,410

 

 

$

39,829

 

 

$

237,581

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Essentialis purchase price contingency liability

 

$

13,587

 

 

$

—

 

 

$

—

 

 

$

13,587

 

Total liabilities

 

$

13,587

 

 

$

—

 

 

$

—

 

 

$

13,587

 

 

 

 

Fair Value Measurements at December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Essentialis purchase price contingency liability

 

$

11,549

 

 

$

—

 

 

$

—

 

 

$

11,549

 

Total liabilities

 

$

11,549

 

 

$

—

 

 

$

—

 

 

$

11,549

 
Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 liabilities for the six months ended June 30, 2024 and 2023 (dollars in thousands):

 

 

 

 

 

 

Purchase Price

 

 

 

 

 

 

 

 

 

Contingent
Liability

 

Balance at January 1, 2024

 

 

 

 

 

 

 

$

11,549

 

Change in value of contingent liability

 

 

 

 

 

 

 

 

2,038

 

Balance at June 30, 2024

 

 

 

 

 

 

 

$

13,587

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 PIPE Warrants

 

 

Purchase Price

 

 

 

Number of
Warrants

 

 

Liability

 

 

Contingent
Liability

 

Balance at January 1, 2023

 

 

34,241

 

 

$

1

 

 

$

8,835

 

Change in value of 2018 PIPE Warrants

 

 

—

 

 

 

(1

)

 

 

 

Change in value of contingent liability

 

 

—

 

 

 

—

 

 

 

612

 

Balance at June 30, 2023

 

 

34,241

 

 

$

—

 

 

$

9,447