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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