Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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 on a recurring basis by level within the fair value hierarchy:

	December 31, 2023
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	21,799	$	—	$	—		$	21,799	$	21,799	$	—
Level 1
Money market funds		6,266		—		—			6,266		6,266		—
Level 2
U.S. Government securities		35,962		8		(97	)		35,873		—		35,873
U.S. Treasury securities		18,323		1		(14	)		18,310		10,482		7,828
Commercial paper		38,491		25		(16	)		38,500		—		38,500
Corporate bonds		100,274		136		(130	)		100,280		—		100,280
Subtotal		193,050		170		(257	)		192,963		10,482		182,481
Total assets	$	221,115	$	170	$	(257	)	$	221,028	$	38,547	$	182,481
Liabilities
Level 3
Warrant liabilities		6,772		—		—			6,772		—		—
Total liabilities	$	6,772	$	—	$	—		$	6,772	$	—	$	—

	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. Government 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 thousands):

	December 31, 2023			December 31, 2022
Fair value, beginning balance	$	90		$	1,060
Fair value at issuance of Series A warrants		6,450			—
Change in the fair value of Series A warrants included in other income    (expense), net		300			—
Change in the fair value of private placement warrants included    in other income (expense), net		(68	)		(970	)
Fair value, closing balance	$	6,772		$	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:

	December 31, 2023			December 31, 2022
Expected term (years)		2.2			3.2
Expected volatility		94.1	%		88.2	%
Risk-free interest rate		4.23	%		4.22	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50

Warrant And Series A [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Black-Scholes Option Pricing Model For Private Warrants

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

	December 31, 2023			December 18, 2023
Expected term (years)		4.0			4.0
Expected volatility		87.2	%		86.4	%
Risk-free interest rate		3.89	%		4.00	%
Dividend yield		0	%		0	%
Exercise Price	$	1.00		$	1.00