Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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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, 2024 |
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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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$ |
2,520 |
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$ |
— |
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$ |
— |
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$ |
2,520 |
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$ |
2,520 |
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$ |
— |
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$ |
— |
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$ |
2,520 |
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Marketable securities: |
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U.S. treasury bills and bonds |
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$ |
7,574 |
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$ |
— |
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$ |
— |
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$ |
7,574 |
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Corporate bonds |
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— |
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— |
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— |
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0 |
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Commercial paper |
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— |
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— |
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— |
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0 |
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$ |
7,574 |
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$ |
— |
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$ |
— |
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$ |
7,574 |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
9,495 |
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$ |
— |
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$ |
9,495 |
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Contingent earnout liability |
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— |
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— |
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|
937 |
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|
937 |
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$ |
— |
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$ |
9,495 |
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$ |
937 |
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$ |
10,432 |
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December 31, 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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$ |
10,114 |
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$ |
— |
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$ |
— |
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$ |
10,114 |
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$ |
10,114 |
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$ |
— |
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$ |
— |
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$ |
10,114 |
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Marketable securities: |
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U.S. treasury bills and bonds |
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$ |
8,840 |
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$ |
— |
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$ |
— |
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$ |
8,840 |
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Commercial paper |
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— |
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1,395 |
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— |
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1,395 |
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U.S. government and agency securities |
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— |
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1,491 |
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— |
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1,491 |
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$ |
8,840 |
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$ |
2,886 |
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$ |
— |
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$ |
11,726 |
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Long-term liabilities: |
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Credit Agreement Warrants |
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$ |
— |
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$ |
5,988 |
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$ |
— |
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$ |
5,988 |
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Contingent earnout liability |
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— |
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— |
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220 |
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220 |
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$ |
— |
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$ |
5,988 |
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$ |
220 |
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$ |
6,208 |
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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, 2023 |
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$ |
220 |
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Change in fair value of contingent earnout liability |
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|
717 |
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Fair value as of September 30, 2024 |
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$ |
937 |
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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, 2024 |
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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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$ |
26,541 |
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$ |
— |
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$ |
— |
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$ |
26,541 |
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Cash equivalents: |
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Money market funds |
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2,520 |
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— |
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— |
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2,520 |
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$ |
29,061 |
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$ |
— |
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$ |
— |
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$ |
29,061 |
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Marketable Securities: |
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U.S. treasury bills and bonds |
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$ |
7,571 |
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$ |
— |
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$ |
3 |
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$ |
7,574 |
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Corporate bonds |
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— |
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— |
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— |
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- |
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Commercial paper |
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— |
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— |
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— |
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- |
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$ |
7,571 |
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$ |
— |
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$ |
3 |
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$ |
7,574 |
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December 31, 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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$ |
19,022 |
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$ |
— |
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$ |
— |
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$ |
19,022 |
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Cash equivalents: |
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Money market funds |
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10,114 |
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— |
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— |
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10,114 |
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$ |
29,136 |
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$ |
— |
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$ |
— |
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$ |
29,136 |
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Marketable Securities: |
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U.S. treasury bills and bonds |
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$ |
8,838 |
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$ |
2 |
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$ |
— |
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$ |
8,840 |
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Commercial paper |
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|
1,395 |
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— |
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— |
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|
1,395 |
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U.S. government and agency securities |
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|
1,492 |
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— |
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(1 |
) |
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1,491 |
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$ |
11,725 |
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$ |
2 |
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$ |
(1 |
) |
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$ |
11,726 |
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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, 2024 |
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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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$ |
7,571 |
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$ |
7,574 |
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| Contingent Earnout Liability |
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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 contingent earnout liability:
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September 30, |
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December 31, |
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2024 |
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2023 |
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Fair value of the Company’s Class A common stock |
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$ |
9.99 |
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$ |
7.82 |
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Risk-free interest rate |
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3.70 |
% |
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4.09 |
% |
Expected volatility factor |
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|
96.0 |
% |
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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] |
|
| 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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2024 |
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2023 |
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Fair value of the Company’s Class A common stock |
$ |
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9.99 |
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$ |
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7.82 |
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Exercise price |
$ |
5.44 - 16.08 |
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$ |
5.44 - 16.08 |
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Risk-free interest rate |
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3.67% - 3.81% |
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3.88 |
% |
Expected volatility factor |
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96.0 |
% |
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|
55.0 |
% |
Expected dividend yield |
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|
— |
% |
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|
— |
% |
Remaining contractual term (in years) |
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7.7 - 9.0 |
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8.5 - 9.7 |
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