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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value financial assets measured on a recurring basis
The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, and 2022:
(in thousands)Level 1Level 2Level 3Total
December 31, 2023
Assets:
Money market funds$24,977 $— $— $24,977 
Total assets$24,977 $— $— $24,977 
Liabilities:
Debt derivative liabilities$— $— $2,987 $2,987 
Total liabilities$— $— $2,987 $2,987 
December 31, 2022Level 1Level 2Level 3Total
Assets:
Money market funds$10,354 $— $— $10,354 
U.S. government securities12,316 — — 12,316 
Commercial paper— 21,189 — 21,189 
Total assets$22,669 $21,189 $— $43,859 
Liabilities:
Debt derivative liability$— $— $4,518 $4,518 
Total liabilities$— $— $4,518 $4,518 
Schedule of fair value instruments classified Level 3
The changes in Level 3 liabilities measured at fair value on a recurring basis were as follows:
(in thousands)Debt Derivative Liabilities
Balance, December 31, 2021$5,562 
Change in fair value included in net loss(1,044)
Balance, December 31, 20224,518 
Change in fair value included in net loss(1,531)
Balance, December 31, 2023$2,987 
Schedule of significant inputs in liability valuation
The significant inputs that are included in the valuation of the debt derivative liability - first tranche include:
December 31, 2023December 31, 2022
Input
Remaining term (years)3.5 years4.5 years
Maturity dateJune 30, 2027June 30, 2027
Coupon rate
9.5% - 13.2%
9.5% - 12.7%
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate12.06% 113.90 %1
Probability of mandatory prepayment before 2024N/A25.0% 1
Estimated timing of mandatory prepayment event before 2024N/A2December 31, 20231
Probability of mandatory prepayment 2024 or after15.0% 115.0% 1
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
Probability of note held-to-maturity 3
80 %175 %1
1 Represents a significant unobservable input.
2 Scenario ended on December 31, 2023.
3 See Maturity date in table.
The significant inputs that are included in the valuation of the debt derivative liability - second tranche include:
December 31, 2023December 31, 2022
Input
Remaining term (years)4.5 years5.5 years
Maturity dateJune 30, 2028June 30, 2028
Coupon rate
9.5% - 13.2%
9.5% - 12.7%
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate15.60 %117.56 %1
Probability of mandatory prepayment before 2024N/A25.0% 1
Estimated timing of mandatory prepayment event before 2024N/A2December 31, 20231
Probability of mandatory prepayment 2024 or after15.0% 115.0% 1
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
Probability of note held-to-maturity3
80 %175 %1
1 Represents a significant unobservable input.
2 Scenario ended on December 31, 2023.
3 See Maturity date in table