Fair Value

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

As of June 30, 2024, the carrying amount was a reasonable approximation of fair value for the following financial assets and liabilities:

Financial assets

•Cash and cash equivalents

•Accounts receivable

•Other non-current assets—lease deposits

Financial liabilities

•Accounts payable

•Accrued liabilities

•Warrant obligations

Recurring fair-value measurements

The following table presents the Company’s fair value hierarchy for its financial assets and financial liabilities that were measured at fair value on a recurring basis as of June 30, 2024 (in thousands):


	Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents:
Money market funds	$	56,011	$	—	$	—
Total financial assets	$	56,011	$	—	$	—

Financial liabilities:
Warrant obligation:
Perceptive Credit Holdings warrants	$	—	$	572	$	—
Total financial liabilities	$	—	$	572	$	—

The following table presents the Company’s fair value hierarchy for its financial assets that were measured at fair value on a recurring basis as of December 31, 2023 (in thousands):


	Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents
Money market funds	$	60,683	$	—	$	—
Total financial assets	$	60,683	$	—	$	—

The Company had no financial liabilities measured at fair value on a recurring basis as of December 31, 2023.

In the three and six months ended June 30, 2024, there were no significant changes in the business or economic circumstances that affected the fair value of the Company’s financial assets and financial liabilities.