Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


			Active		Observable		Unobservable
			Markets		Inputs		Inputs
Description	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents:
Cash and money market funds	$	83,523	$	83,523	$	—	$	—
Marketable securities:
US Treasury obligation - due in one year or less		24,781		24,781		—		—
Total	$	108,304	$	108,304	$	—	$	—
Liabilities:
Warrant liabilities	$	34,773	$	—	$	—	$	34,773
Total	$	34,773	$	—	$	—	$	34,773


			Active		Observable		Unobservable
			Markets		Inputs		Inputs
Description	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents:
Cash and money market funds	$	139,526	$	139,526	$	—	$	—
Total	$	139,526	$	139,526	$	—	$	—
Liabilities:
Warrant liabilities	$	61,747	$	—	$	—	$	61,747
Total	$	61,747	$	—	$	—	$	61,747

Summary of Assumptions Used to Record Fair Value of Warrants

A summary of the Black Scholes pricing model assumptions used to record the fair value of the warrants is as follows:


	March 31, 2024			December 31, 2023
Stock price	$	5.35		$	7.79
Average risk-free interest rate		4.36	%		3.96	%
Average expected life (in years)		3.42			3.67
Average expected volatility		86.64	%		87.63	%

Summary of Changes in Level 3 Warrant Liabilities Measured at Fair Value on Recurring Basis

The following table reflects the change in the Company’s Level 3 warrant liabilities for the three months ended March 31, 2024 and the year ended December 31, 2023 (in thousands):


	March 31, 2024			December 31, 2023
Fair value of warrant liabilities as of beginning of period	$	61,747		$	24,472
Change in fair value		(26,974	)		37,275
Fair value of warrant liabilities as of end of period	$	34,773		$	61,747