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Fair value of financial instruments (Tables)
3 Months Ended
Mar. 31, 2024
Fair value of financial instruments  
Schedule of financial instruments measured at fair value on a recurring basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):

March 31, 2024

 

Description

    

Total

    

Level 1

    

Level 2

    

Level 3

 

Financial assets

Cash equivalents

$

46,680

46,680

Short-term investments

28,809

28,809

Total financial assets

$

75,489

$

46,680

$

28,809

$

Preferred stock tranche liability

$

10,200

$

$

$

10,200

December 31, 2023

 

Description

Total

    

Level 1

    

Level 2

    

Level 3

 

Financial assets

Cash equivalents

$

46,093

$

46,093

$

$

Short-term investments

 

59,220

5,992

53,228

Total financial assets

$

105,313

$

52,085

$

53,228

$

Preferred stock tranche liability

$

4,189

$

$

$

4,189

Schedule of derivative liability reconciliation

March 31, 2024

December 31, 2023

Risk-free interest rate

 

5.44-5.49

%  

5.13-5.52

%  

Volatility

 

75

%  

75

%  

Dividend yield

 

Remaining term (years)

 

0.3

0.6

Schedule of reconciliation of derivative liability

January 1, 2024

$

4,189

Fair value adjustment

6,011

March 31, 2024

$

10,200