Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value as of March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	37,941	$	—	$	—	$	37,941
Marketable securities	—		70,857		—		70,857
Derivative asset	—		48		—		48
Total fair value	$	37,941	$	70,905	$	—	$	108,846
Liabilities:
Common stock warrants (Public)	$	471	$	—	$	—	$	471
Common stock warrants (Private Placement)	—		221		—		221
Earnout liability	—		—		265		265
Derivative liability	—		26		—		26
Total fair value	$	471	$	247	$	265	$	983

	Fair Value as of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	75,502	$	—	$	—	$	75,502
Marketable securities	—		82,761		—		82,761
Total fair value	$	75,502	$	82,761	$	—	$	158,263
Liabilities:
Common stock warrants (Public)	$	913	$	—	$	—	$	913
Common stock warrants (Private Placement)	—		428		—		428
Earnout liability	—		—		1,783		1,783
Derivative liability	—		300		—		300
Total fair value	$	913	$	728	$	1,783	$	3,424

Summary of Activities of Earnout Liability

The following table summarizes the activities for the earnout liability:

(in thousands)	March 31, 2024		March 31, 2023
Balance at beginning of period	$	1,783	$	42,533
Gain in fair value of earnout liability	(1,518)		(12,872)
Other	—		233
Balance at end of period	$	265	$	29,894

Schedule of Marketable Securities

The following table summarized the marketable securities by major security type as follows:

	As of March 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	13,271	$	23	$	(730)	$	12,564
Asset-backed securities	48,478		29		(1,901)		46,606
U.S. government and agency securities	11,551		2		(192)		11,361
Foreign government and agency securities	372		—		(46)		326
Total marketable securities	$	73,672	$	54	$	(2,869)	$	70,857

	As of December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	21,869	$	26	$	(847)	$	21,048
Asset-backed securities	52,199		26		(2,289)		49,936
U.S. government and agency securities	11,706		—		(270)		11,436
Foreign government and agency securities	372		—		(31)		341
Total marketable securities	$	86,146	$	52	$	(3,437)	$	82,761

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities are as follows:

	As of March 31, 2024
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	11,098	$	1,264	$	202	$	12,564
Asset-backed securities	—		1,212		45,394		46,606
U.S. government and agency securities	8,994		—		2,367		11,361
Foreign government and agency securities	326		—		—		326
Total marketable securities	$	20,418	$	2,476	$	47,963	$	70,857

	As of December 31, 2023
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	20,756	$	292	$	—	$	21,048
Asset-backed securities	238		1,806		47,892		49,936
U.S. government and agency securities	8,929		—		2,507		11,436
Foreign government and agency securities	341		—		—		341
Total marketable securities	$	30,264	$	2,098	$	50,399	$	82,761