v3.24.3
Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities measured at fair value on a recurring basis
Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 and financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2024 were as follows:
Fair Value Measurement Using:
Balance Sheet ClassificationType of InstrumentLevel 1Level 2Level 3Total
September 30, 2024
Assets:
Cash and cash equivalentsMoney market funds$65,497 $— $— $65,497 
Marketable securitiesU.S. treasury bills15,828 278,598 — 294,426 
Other non-current assetsMoney market funds2,548 — — 2,548 
Total assets$83,873 $278,598 $— $362,471 
Liabilities:
Forward contract liability
Forward contract, current
$— $— $69,030 $69,030 
Derivative liability, non-current
Written put option, non-current
— — 12,320 12,320 
Total liabilities$— $— $81,350 $81,350 
December 31, 2023
Assets:
Cash and cash equivalentsMoney market funds$59,199 $— $— $59,199 
Cash and cash equivalentsU.S. treasury bills— 27,901 — 27,901 
Cash and cash equivalentsU.S. corporate bonds— 6,001 — 6,001 
Marketable securitiesU.S. treasury bills9,874 76,160 — 86,034 
Marketable securitiesU.S. corporate bonds— 40,210 — 40,210 
Marketable securitiesForeign corporate bonds— 7,173 — 7,173 
Other non-current assetsMoney market funds1,900 — — 1,900 
Total assets$70,973 $157,445 $— $228,418 
Schedule of aggregate fair value of liability determined by Level 3 inputs
The following table provides a roll forward of the fair value of the Company's forward contract and derivative liabilities related to the Knopp Amendment for which fair value is determined by Level 3 inputs from inception on May 1, 2024 to September 30, 2024:
Carrying Value
Fair value at May 1, 2024
$93,290 
Change in fair value of forward contract and derivative liabilities in other income, net
(11,940)
Fair value at September 30, 2024
$81,350 
Schedule of fair value measurement inputs and valuation techniques A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liability related to the Knopp Amendment as of September 30, 2024 and May 1, 2024 are as follows, presented on a weighted-average basis based on relative fair value:
As of September 30, 2024
As of May 1, 2024
Time to payment and potential payment (years)
0.741.08
Volatility (annual)
65.0 %80.0 %
Discount rate
12.7 %14.8 %