Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.24.0.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
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:

 

 

 

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

10,114

 

 

$

 

 

$

 

 

$

10,114

 

 

$

10,114

 

 

$

 

 

$

 

 

$

10,114

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and bonds

 

$

8,840

 

 

$

 

 

$

 

 

$

8,840

 

Commercial paper

 

 

 

 

 

1,395

 

 

 

 

 

 

1,395

 

U.S. government and agency securities

 

 

 

 

 

1,491

 

 

 

 

 

 

1,491

 

 

$

8,840

 

 

$

2,886

 

 

$

 

 

$

11,726

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Credit Agreement Warrants

 

$

 

 

$

5,988

 

 

$

 

 

$

5,988

 

Contingent earnout liability

 

 

 

 

 

 

 

 

220

 

 

 

220

 

 

$

 

 

$

5,988

 

 

$

220

 

 

$

6,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

5,180

 

 

$

 

 

$

 

 

$

5,180

 

Commercial paper

 

 

 

 

 

2,097

 

 

 

 

 

 

2,097

 

 

$

5,180

 

 

$

2,097

 

 

$

 

 

$

7,277

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and bonds

 

$

1,494

 

 

$

 

 

$

 

 

$

1,494

 

Corporate securities

 

 

 

 

 

7,745

 

 

 

 

 

 

7,745

 

Commercial paper

 

 

 

 

 

2,576

 

 

 

 

 

 

2,576

 

U.S. government and agency securities

 

 

 

 

 

11,269

 

 

 

 

 

 

11,269

 

 

$

1,494

 

 

$

21,590

 

 

$

 

 

$

23,084

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrants

 

$

267

 

 

$

 

 

$

 

 

$

267

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Credit Agreement Warrants

 

$

 

 

$

1,831

 

 

$

 

 

$

1,831

 

Contingent earnout liability

 

 

 

 

 

 

 

 

349

 

 

 

349

 

 

$

 

 

$

1,831

 

 

$

349

 

 

$

2,180

 

 

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:

 

 

 

Contingent
 Earnout
Liability

 

 

Fair value as of December 31, 2022

 

 

349

 

 

Change in fair value of contingent earnout liability

 

 

(129

)

 

Fair value as of December 31, 2023

 

$

220

 

 

 

Summary of cash, cash equivalents and available-for-sale securities

The following table summarizes the Company's cash, cash equivalents and available-for-sale securities by significant marketable securities category:

 

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

19,030

 

 

$

 

 

$

 

 

$

19,030

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

10,114

 

 

 

 

 

 

 

 

 

10,114

 

 

$

29,144

 

 

$

 

 

$

 

 

$

29,144

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and bonds

 

$

8,838

 

 

$

2

 

 

$

 

 

$

8,840

 

Commercial paper

 

 

1,395

 

 

 

 

 

 

 

 

 

1,395

 

U.S. government and agency securities

 

 

1,492

 

 

 

 

 

 

(1

)

 

 

1,491

 

 

 

$

11,725

 

 

$

2

 

 

$

(1

)

 

$

11,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

39,919

 

 

$

 

 

$

 

 

$

39,919

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

5,180

 

 

 

 

 

 

 

 

 

5,180

 

Commercial paper

 

 

2,098

 

 

 

 

 

 

(1

)

 

 

2,097

 

 

$

47,197

 

 

$

 

 

$

(1

)

 

$

47,196

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and bonds

 

$

1,495

 

 

$

 

 

$

(1

)

 

$

1,494

 

Corporate securities

 

 

7,771

 

 

 

 

 

 

(26

)

 

 

7,745

 

Commercial paper

 

 

2,578

 

 

 

 

 

 

(2

)

 

 

2,576

 

U.S. government and agency securities

 

 

11,272

 

 

 

 

 

 

(3

)

 

 

11,269

 

 

 

$

23,116

 

 

$

 

 

$

(32

)

 

$

23,084

 

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:
 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

 

 

 

 

$

11,725

 

 

$

11,726

 

Credit Agreement Warrants [Member]  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Schedule of Quantitative Information Regarding Warrant Liability

The table below quantifies the significant inputs used for the Credit Agreement Warrants:

 

 

December 31,

 

 

2023

 

 

2022

 

Fair value of the Company’s Class A common stock

$

 

7.82

 

 

$

7.68

 

Exercise price

$

5.44 - 16.08

 

 

$

16.08

 

Risk-free interest rate

 

 

3.88

%

 

 

3.88

%

Expected volatility factor

 

 

55.0

%

 

 

55.0

%

Expected dividend yield

 

 

%

 

 

%

Remaining contractual term (in years)

 

8.5 - 9.7

 

 

 

9.1

 

 

Contingent Earnout Liability [Member]  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Schedule of Quantitative Information Regarding Warrant Liability

The table below quantifies the significant inputs used for the contingent earnout liability:

 

 

 

December 31,

 

 

2023

 

 

2022

 

Fair value of the Company’s Class A common stock

 

$

7.82

 

 

$

7.68

 

Risk-free interest rate

 

 

4.09

%

 

 

4.16

%

Expected volatility factor

 

 

55.0

%

 

 

55.0

%

Earnout expiration date

 

August 16, 2026

 

 

August 16, 2026