Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
At December 31, 2022:
Liabilities
Preferred stock warrants liability	$	994	$	—	$	—	$	994
Total liabilities measured at fair value	$	994	$	—	$	—	$	994

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
At December 31, 2023:
Cash equivalents
Money market funds	$	7,962	$	7,962	$	—	$	—
Total cash equivalents measured at fair value	$	7,962	$	7,962	$	—	$	—
Marketable securities
Commercial paper	$	18,751	$	—	$	18,751	$	—
U.S. government agency securities	9,925		—		9,925		—
U.S. treasury securities	1,978		1,978		—		—
Total marketable securities measured at fair value	$	30,654	$	1,978	$	28,676	$	—
Liabilities
Preferred stock warrants liability	$	871	$	—	$	—	$	871
Total liabilities measured at fair value	$	871	$	—	$	—	$	871

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
At June 30, 2024:
Cash equivalents
Money market funds	$	14,317	$	14,317	$	—	$	—
Total cash equivalents measured at fair value	$	14,317	$	14,317	$	—	$	—
Marketable securities
Commercial paper	$	61,423	$	—	$	61,423	$	—
U.S. government agency securities	27,579		—		27,579		—
U.S. treasury securities	18,653		18,653		—		—
Corporate debt securities	4,421		—		4,421		—
Total marketable securities measured at fair value	$	112,076	$	18,653	$	93,423	$	—
At December 31, 2023:
Cash equivalents
Money market funds	$	7,962	$	7,962	$	—	$	—
Total cash equivalents measured at fair value	$	7,962	$	7,962	$	—	$	—
Marketable securities
Commercial paper	$	18,751	$	—	$	18,751	$	—
U.S. government agency securities	9,925		—		9,925		—
U.S. treasury securities	1,978		1,978		—		—
Total marketable securities measured at fair value	$	30,654	$	1,978	$	28,676	$	—
Liabilities
Convertible preferred stock warrants	$	871	$	—	$	—	$	871
Total liabilities measured at fair value	$	871	$	—	$	—	$	871

Schedule of Marketable Securities

Marketable securities consisted of the following (in thousands):

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	18,742	$	9	$	—	$	18,751
US government agencies	9,927		1		(3)		9,925
US treasury securities	1,977		1		—		1,978
Totals	$	30,646	$	11	$	(3)	$	30,654

Marketable securities consisted of the following (in thousands):

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	61,470	$	—	$	(47)	$	61,423
U.S. treasury securities	18,658		—		(5)		18,653
U.S. government agency securities	27,588		—		(9)		27,579
Corporate debt securities	4,421		—		—		4,421
Totals	$	112,137	$	—	$	(61)	$	112,076

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	18,742	$	9	$	—	$	18,751
U.S. government agency securities	9,927		1		(3)		9,925
U.S. treasury securities	1,977		1		—		1,978
Totals	$	30,646	$	11	$	(3)	$	30,654

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key unobservable inputs for the preferred stock warrants liability were:

	December 31
	2022	2023
Estimated time to liquidity	2.5 years	2.0 years
Volatility rate	70.0%	84.0%
Risk-free interest rate	4.3%	4.2%

Schedule of Preferred Stock Warrant Liability Activity

The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands):

	Preferred Stock Warrants Liability
Balance at December 31, 2022	$	994
Change in fair value	(123)
Balance at December 31, 2023	$	871

The following table presents activity for the preferred stock warrants liability during the six months ended June 30, 2024 (in thousands):

	Preferred Stock Warrants Liability
Balance at December 31, 2023	$	871
Change in fair value	1,047
Conversion of preferred stock warrants liability to equity	(1,918)
Balance at June 30, 2024	$	—