Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	40,083	$	—	$	—	$	40,083
Marketable securities	—		56,996		—		56,996
Derivative asset	—		11		—		11
Total fair value	$	40,083	$	57,007	$	—	$	97,090
Liabilities:
Common stock warrants (Public)	$	2,896	$	—	$	—	$	2,896
Common stock warrants (Private Placement)	—		1,358		—		1,358
Earnout liability	—		—		4,184		4,184
Derivative liability	—		49		—		49
Total fair value	$	2,896	$	1,407	$	4,184	$	8,487

	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:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	1,243	$	22,386	$	1,783	$	42,533
Loss (gain) in fair value of earnout liability	2,941		(18,757)		2,401		(39,137)
Other	—		—		—		233
Balance at end of period	$	4,184	$	3,629	$	4,184	$	3,629

Schedule of Marketable Securities

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

	As of September 30, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	1,097	$	—	$	—	$	1,097
Corporate bonds	7,781		42		(20)		7,803
Asset-backed securities	38,935		78		(1,262)		37,751
U.S. government and agency securities	9,996		23		(21)		9,998
Foreign government and agency securities	372		—		(25)		347
Total marketable securities	$	58,181	$	143	$	(1,328)	$	56,996

	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 September 30, 2024
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Commercial paper	$	1,097	$	—	$	—	$	1,097
Corporate bonds	2,654		3,979		1,170		7,803
Asset-backed securities	243		—		37,508		37,751
U.S. government and agency securities	7,968		—		2,030		9,998
Foreign government and agency securities	347		—		—		347
Total marketable securities	$	12,309	$	3,979	$	40,708	$	56,996

	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