| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements |
The following tables show financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of December 31, 2024 and 2023 (in thousands):
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Adjusted Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Fair Value Level |
Assets |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,152 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,152 |
|
|
|
Money market funds |
|
|
44,524 |
|
|
|
— |
|
|
|
— |
|
|
|
44,524 |
|
|
Level 1 |
Commercial paper |
|
|
39,291 |
|
|
|
— |
|
|
|
(6 |
) |
|
|
39,285 |
|
|
Level 2 |
U.S. agency securities |
|
|
6,453 |
|
|
|
1 |
|
|
|
— |
|
|
|
6,454 |
|
|
Level 2 |
Total cash and cash equivalents |
|
|
91,420 |
|
|
|
1 |
|
|
|
(6 |
) |
|
|
91,415 |
|
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
8,697 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
8,697 |
|
|
Level 2 |
Corporate debt securities |
|
|
498 |
|
|
|
— |
|
|
|
— |
|
|
|
498 |
|
|
Level 2 |
U.S. agency securities |
|
|
2,330 |
|
|
|
— |
|
|
|
— |
|
|
|
2,330 |
|
|
Level 2 |
U.S. government securities |
|
|
82,042 |
|
|
|
33 |
|
|
|
(6 |
) |
|
|
82,069 |
|
|
Level 2 |
Total short-term investments |
|
|
93,567 |
|
|
|
34 |
|
|
|
(7 |
) |
|
|
93,594 |
|
|
|
Total assets measured at fair value |
|
$ |
184,987 |
|
|
$ |
35 |
|
|
$ |
(13 |
) |
|
$ |
185,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
Adjusted Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Fair Value Level |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
3,649 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,649 |
|
|
|
Money market funds |
|
|
14,968 |
|
|
|
— |
|
|
|
— |
|
|
|
14,968 |
|
|
Level 1 |
Commercial paper |
|
|
34,416 |
|
|
|
— |
|
|
|
(18 |
) |
|
|
34,398 |
|
|
Level 2 |
U.S. agency securities |
|
|
1,985 |
|
|
|
1 |
|
|
|
— |
|
|
|
1,986 |
|
|
Level 2 |
U.S. government securities |
|
|
1,983 |
|
|
|
— |
|
|
|
— |
|
|
|
1,983 |
|
|
Level 2 |
Total cash and cash equivalents |
|
|
57,001 |
|
|
|
1 |
|
|
|
(18 |
) |
|
|
56,984 |
|
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
495 |
|
|
|
— |
|
|
|
— |
|
|
|
495 |
|
|
Level 2 |
U.S. agency securities |
|
|
1,976 |
|
|
|
— |
|
|
|
— |
|
|
|
1,976 |
|
|
Level 2 |
U.S. government securities |
|
|
54,720 |
|
|
|
7 |
|
|
|
(3 |
) |
|
|
54,724 |
|
|
Level 2 |
Total short-term investments |
|
|
57,191 |
|
|
|
7 |
|
|
|
(3 |
) |
|
|
57,195 |
|
|
|
Total assets measured at fair value |
|
$ |
114,192 |
|
|
$ |
8 |
|
|
$ |
(21 |
) |
|
$ |
114,179 |
|
|
|
|
| Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity |
The amortized costs and fair value of marketable debt securities (excluding cash and money market funds), by contractual maturity, at December 31, 2024 are as follows (in thousands):
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|
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|
|
|
|
|
|
December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
Less than 1 year |
|
$ |
127,369 |
|
|
$ |
127,392 |
|
1 to 5 years |
|
|
11,942 |
|
|
|
11,941 |
|
Total |
|
$ |
139,311 |
|
|
$ |
139,333 |
|
|
| Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants |
Assumptions used are listed below, which are Level 3 fair value inputs. Expected term is equal to the remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Refer to Note 8, Related Party Transactions, for further information about the warrants issued to Tempus.
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|
As of December 31,
2023 |
|
Expected term (in years) |
|
1.00 - 2.00 |
|
Volatility |
|
102.6 - 108.5% |
|
Risk-free interest rate |
|
4.23 - 4.79% |
|
Dividend yield |
|
–% |
|
Total fair value of Tempus Warrants (in thousands) |
|
$ |
10,027 |
|
|
| Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments |
The following table sets forth a summary of the changes in fair value of the Company's Level 3 financial instruments (in thousands):
|
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|
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|
|
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|
Year ended December 31, |
|
Warrant Liabilities |
|
2024 |
|
|
2023 |
|
Beginning balance |
|
$ |
10,027 |
|
|
$ |
— |
|
Initial fair value of warrant liabilities upon issuance |
|
|
—- |
|
|
|
6,942 |
|
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations |
|
|
18,274 |
|
|
|
3,085 |
|
Derecognition of warrant liabilities due to exercise in full |
|
|
(28,301 |
) |
|
|
— |
|
Ending balance |
|
$ |
— |
|
|
$ |
10,027 |
|
|