Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

	Fair Value Measurements as of September 30, 2024 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents—money market funds and U.S. Treasury bills	$	68,734	$	7,993	$	—	$	76,727
Marketable securities— U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes	—		37,565		—		37,565
	$	68,734	$	45,558	$	—	$	114,292
Liabilities:
Embedded derivative liability	$	—	$	—	$	10	$	10
Class C warrant liability	—		—		11,087		11,087
	$	—	$	—	$	11,097	$	11,097

	Fair Value Measurements as of December 31, 2023 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents—money market funds and U.S. Treasury bills	$	76,856	$	4,985	$	—	$	81,841
Marketable securities—U.S. Treasury notes, U.S. Treasury bills, and federal government agency notes	—		15,000		—		15,000
	$	76,856	$	19,985	$	—	$	96,841
Liabilities:
Embedded derivative liability	$	—	$	—	$	10	$	10
Class C warrant liability	—		—		15,683		15,683
	$	—	$	—	$	15,693	$	15,693

Debt Securities, Available-for-Sale

The following table provides amortized cost, unrealized gains and losses and the carrying amount of available-for-sale debt marketable securities as of September 30, 2024:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	4,193	$	3	$	—	$	4,196
Federal Government agency securities	33,367		21		(19)		33,369
Total available-for-sale debt securities	$	37,560	$	24	$	(19)	$	37,565

Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability

The following table provides a roll-forward for the nine months ended September 30, 2024, of the aggregate fair values financial instruments for which fair values are determined using Level 3 inputs:

(in thousands)	Embedded Derivative Liability		Class C Warrant Liability		Total
Balance as of December 31, 2023	$	10	$	15,683	$	15,693
Change in fair value	—		(4,596)		(4,596)
Balance as of September 30, 2024	$	10	$	11,087	$	11,097

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

	September 30, 2024		December 31, 2023
Common stock price	$0.67		$0.84
Risk-free interest rate	3.6	%	3.9	%
Expected term (in years)	3.2		3.9
Expected volatility	103.5	%	96.2	%
Expected dividend yield	—	%	—	%