Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis.
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September 30, 2023 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
1,395 |
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$ |
— |
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$ |
— |
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$ |
1,395 |
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$ |
1,395 |
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$ |
— |
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$ |
— |
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$ |
1,395 |
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Marketable securities: |
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U.S. treasury bills and bonds |
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$ |
13,223 |
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$ |
— |
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$ |
— |
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$ |
13,223 |
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Commercial paper |
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— |
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1,376 |
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— |
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1,376 |
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U.S. government and agency securities |
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— |
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5,558 |
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— |
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5,558 |
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$ |
13,223 |
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$ |
6,934 |
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$ |
— |
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$ |
20,157 |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
3,407 |
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$ |
— |
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$ |
3,407 |
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Contingent earnout liability |
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— |
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— |
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|
132 |
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|
132 |
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$ |
— |
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$ |
3,407 |
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$ |
132 |
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$ |
3,539 |
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December 31, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
5,180 |
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$ |
— |
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$ |
— |
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$ |
5,180 |
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Commercial paper |
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— |
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2,097 |
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— |
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2,097 |
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$ |
5,180 |
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$ |
2,097 |
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$ |
— |
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$ |
7,277 |
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Marketable securities: |
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U.S. treasury bills and bonds |
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$ |
1,494 |
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$ |
— |
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$ |
— |
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$ |
1,494 |
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Corporate securities |
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— |
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7,745 |
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— |
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7,745 |
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Commercial paper |
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— |
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2,576 |
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— |
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2,576 |
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U.S. government and agency securities |
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— |
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11,269 |
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— |
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11,269 |
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$ |
1,494 |
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$ |
21,590 |
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$ |
— |
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$ |
23,084 |
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Liabilities: |
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Current liabilities: |
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Public Warrants |
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$ |
267 |
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$ |
— |
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$ |
— |
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$ |
267 |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
1,831 |
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$ |
— |
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$ |
1,831 |
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Contingent earnout liability |
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— |
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— |
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|
349 |
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349 |
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$ |
— |
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$ |
1,831 |
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$ |
349 |
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$ |
2,180 |
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| Summary of Change in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:
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Contingent
Earnout
Liability |
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Fair value as of December 31, 2022 |
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|
349 |
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Change in fair value of contingent earnout liability |
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(217 |
) |
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Fair value as of September 30, 2023 |
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$ |
132 |
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| Schedule of Cash and Cash Equivalents and Marketable Securities |
The following tables summarize the Company's cash, cash equivalents and available-for-sale securities by significant marketable securities category:
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September 30, 2023 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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Cash |
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$ |
28,541 |
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$ |
— |
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$ |
— |
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$ |
28,541 |
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Cash equivalents: |
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Money market funds |
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|
1,395 |
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— |
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— |
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1,395 |
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$ |
29,936 |
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$ |
— |
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$ |
— |
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$ |
29,936 |
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Marketable Securities: |
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U.S. treasury bills and bonds |
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$ |
13,223 |
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|
$ |
— |
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$ |
— |
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$ |
13,223 |
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Commercial paper |
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1,375 |
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1 |
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— |
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1,376 |
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U.S. government and agency securities |
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|
5,557 |
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1 |
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— |
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5,558 |
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$ |
20,155 |
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$ |
2 |
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$ |
— |
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$ |
20,157 |
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December 31, 2022 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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|
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Cash |
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$ |
39,919 |
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$ |
— |
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$ |
— |
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$ |
39,919 |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
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Money market funds |
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|
5,180 |
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|
|
— |
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|
— |
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|
5,180 |
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Commercial paper |
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|
2,098 |
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— |
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(1 |
) |
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|
2,097 |
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$ |
47,197 |
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$ |
— |
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$ |
(1 |
) |
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$ |
47,196 |
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Marketable Securities: |
|
|
|
|
|
|
|
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|
|
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|
U.S. treasury bills and bonds |
|
$ |
1,495 |
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|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
1,494 |
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Corporate securities |
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|
7,771 |
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— |
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(26 |
) |
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|
7,745 |
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Commercial paper |
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|
2,578 |
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— |
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(2 |
) |
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2,576 |
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U.S. government and agency securities |
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11,272 |
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— |
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(3 |
) |
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11,269 |
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$ |
23,116 |
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$ |
— |
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$ |
(32 |
) |
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$ |
23,084 |
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| Amortized Cost and Estimated Fair Value of Marketable Securities |
The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:
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September 30, 2023 |
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Amortized Cost |
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Fair Value |
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Due in one year or less |
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$ |
20,155 |
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$ |
20,157 |
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| Contingent Earnout Liability |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the contingent earnout liability:
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September 30, |
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December 31, |
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2023 |
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|
2022 |
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Fair value of the Company’s Class A common stock |
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$ |
4.89 |
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$ |
7.68 |
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Risk-free interest rate |
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|
4.83 |
% |
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|
4.16 |
% |
Expected volatility factor |
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|
55.0 |
% |
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|
55.0 |
% |
Earnout expiration date |
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August 16, 2026 |
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|
August 16, 2026 |
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| Credit Agreement Warrants |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Schedule of Quantitative Information Contingent Earnout Liability |
The table below quantifies the significant inputs used for the Credit Agreement Warrants:
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September 30, |
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December 31, |
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|
2023 |
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|
2022 |
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Fair value of the Company’s Class A common stock |
$ |
|
4.89 |
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$ |
7.68 |
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Exercise price |
$ |
5.44 - 16.08 |
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$ |
16.08 |
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Risk-free interest rate |
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|
4.61 |
% |
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|
3.88 |
% |
Expected volatility factor |
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|
55.0 |
% |
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|
55.0 |
% |
Expected dividend yield |
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|
— |
% |
|
|
— |
% |
Remaining contractual term (in years) |
|
8.7 - 10.0 |
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9.1 |
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|