Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:

	September 30, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	19,976	$	—	$	—		$	19,976	$	19,976	$	—
Level 1
Money market funds		11,123		—		—			11,123		11,123		—
Level 2
U.S. agency securities		70,918		—		(499	)		70,419		—		70,419
U.S. Treasury securities		3,491		—		(24	)		3,467		1,991		1,476
Commercial paper		38,794		—		(40	)		38,754		7,460		31,294
Corporate bonds		90,370		—		(418	)		89,952		—		89,952
Subtotal		203,573		—		(981	)		202,592		9,451		193,141
Total assets	$	234,672	$	-	$	(981	)	$	233,691	$	40,550	$	193,141
Liabilities
Level 3
Warrant liabilities	$	22	$	—	$	—		$	22	$	—	$	—
Total liabilities	$	22	$	—	$	—		$	22	$	—	$	—

	December 31, 2022
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	17,980	$	—		$	17,980	$	17,980	$	—
Level 1
Money market funds		44,443		—			44,443		44,443		—
Level 2
U.S. agency securities		65,493		(1,518	)		63,975		—		63,975
U.S. Treasury securities		14,953		(111	)		14,842		—		14,842
Commercial paper		40,859		(100	)		40,759		4,997		35,762
Corporate bonds		143,669		(1,856	)		141,813		—		141,813
Subtotal		264,974		(3,585	)		261,389		4,997		256,392
Total assets	$	327,397	$	(3,585	)	$	323,812	$	67,420	$	256,392
Liabilities
Level 3
Warrant liabilities	$	90	$	—		$	90	$	—	$	—
Total liabilities	$	90	$	—		$	90	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand):

	September 30, 2023			December 31, 2022
Fair value, beginning balance	$	90		$	1,060
Change in the fair value included in other income, net		(68	)		(970	)
Fair value, closing balance	$	22		$	90

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:

	September 30, 2023			December 31, 2022
Expected term (years)		2.4			3.2
Expected volatility		95.3	%		88.2	%
Risk-free interest rate		4.92	%		4.22	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50