Term Loans (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Reconcile of Change in Fair Value of Debt

The following table reconciles the change in fair value of the Trinity Term Loans during the three months ended March 31, 2024 (in thousands):

Trinity Term Loans
Beginning fair value balance at January 1, 2024	$	40,508
Principal payments		—
Change in fair value reported in statements of operations		(247	)
Change in fair value reported in comprehensive loss		251
Ending fair value balance as of March 31, 2024	$	40,512

During the three months ended March 31, 2024, the Company recorded $1.3 million of interest expense within change in fair value of term loans, all of which was paid as of March 31, 2024.

The following table reconciles the change in fair value of the Success Fee liability during the three months ended March 31, 2024 (in thousands):

Success Fee
Beginning fair value balance at January 1, 2024	$	800
Change in fair value of Success Fee		26
Ending fair value balance as of March 31, 2024	$	826

Schedule of Future Principal Debt Payments on Term Loan Agreement

Future principal debt payments on the Term Loan Agreement as of March 31, 2024 are as follows (in thousands):

Year Ending December 31,
2024	$	—
2025		—
2026		—
2027		18,709
2028		21,291
Total principal payments	$	40,000