Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following table summarize the Company’s assets measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands):

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	33,562	$	—	$	—	$	33,562
Total cash equivalents	$	33,562	$	—	$	—	$	33,562
Short-term investments:
Commercial paper	$	—	$	5,969	$	—	$	5,969
Total short-term investments	—		5,969		—		5,969
Total assets measured at fair value	$	33,562	$	5,969	$	—	$	39,531
Liabilities:
Warrant liability	$	—	$	43	$	—	$	43
Earnout liability	—		—		93		93
Total liabilities measured at fair value	$	—	$	43	$	93	$	136

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	10,437	$	—	$	—	$	10,437
Total cash equivalents	$	10,437	$	—	$	—	$	10,437
Short-term investments:
Corporate debt securities	$	—	$	3,703	$	—	$	3,703
Total short-term investments	—		3,703		—		3,703
Total assets measured at fair value	$	10,437	$	3,703	$	—	$	14,140
Liabilities:
Warrant liability	$	—	$	440	$	—	$	440
Earnout liability	—		—		920		920
Total liabilities measured at fair value	$	—	$	440	$	920	$	1,360

Cash equivalents consist of money market funds with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable estimate of fair value. Short-term investments consist of investment securities with original maturities greater than three months but less than twelve months and are included as current assets in the consolidated balance sheets. For corporate debt securities, the fair value approximates amortized cost basis.

Because the transfer of Private Placement Warrants to non-permitted transferees would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is consistent with that of a Public Warrant. Accordingly, the Private Placement Warrants are classified as Level 2 financial instruments under warrant liability.

The value of the earnout liability is classified as Level 3 under the fair value hierarchy because it has been valued based on significant inputs not observable in the market.

Changes in Level 3 liabilities related to earnout liability measured at fair value for the year ended December 31, 2023 (in thousands):

	Year Ended December 31, 2023
Balance as of December 31, 2022	$	920
Gain on change in fair value of earnout liability	(827)
Balance as of December 31, 2023	$	93

The gain on change in the fair value of the earnout liability was shown in the consolidated statement of operations and comprehensive income (loss).