Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):
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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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Money market securities (cash equivalents) |
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$ |
9,262 |
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$ |
— |
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$ |
— |
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$ |
9,262 |
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Restricted cash |
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20 |
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— |
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— |
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20 |
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US government securities |
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— |
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16,126 |
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— |
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16,126 |
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Corporate bonds |
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— |
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17,241 |
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— |
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17,241 |
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Total assets |
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$ |
9,282 |
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$ |
33,367 |
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$ |
— |
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$ |
42,649 |
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Liabilities |
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Convertible debt |
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$ |
— |
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9,375 |
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$ |
— |
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$ |
9,375 |
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Contingent consideration |
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— |
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— |
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699 |
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699 |
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Total liabilities |
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$ |
— |
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$ |
9,375 |
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$ |
699 |
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$ |
10,074 |
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| Summary of Cash Equivalents |
Cash equivalents consist of the following (in thousands):
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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September 30, 2024 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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Money market securities |
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$ |
9,262 |
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$ |
— |
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$ |
— |
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$ |
9,262 |
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Total cash equivalents |
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$ |
9,262 |
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$ |
— |
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$ |
— |
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$ |
9,262 |
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Money market securities (restricted cash) |
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$ |
20 |
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$ |
— |
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$ |
— |
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$ |
20 |
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Total restricted cash |
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$ |
20 |
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$ |
— |
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$ |
— |
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$ |
20 |
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| Schedule of Corporate Bonds and Commercial Paper |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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September 30, 2024 |
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Cost |
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Gains |
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Losses |
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Fair Value |
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US government securities |
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$ |
16,093 |
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$ |
— |
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$ |
34 |
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$ |
16,127 |
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Corporate bonds |
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17,203 |
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— |
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37 |
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17,240 |
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Total short term investments |
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$ |
33,296 |
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$ |
— |
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$ |
71 |
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$ |
33,367 |
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| Schedule of Aggregate Fair Value of Principal Amount of Convertible Debt |
The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.
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September 30, 2024 |
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December 31, 2023 |
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Principal |
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Carrying |
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Fair |
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Principal |
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Carrying |
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Fair |
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Amount |
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Value |
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Value |
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Amount |
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Value |
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Value |
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2023 SVB Convertible Debt |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
15,000 |
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$ |
16,662 |
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$ |
16,652 |
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September 30, 2024 |
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December 31, 2023 |
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Principal |
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Carrying |
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Fair |
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Principal |
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Carrying |
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Fair |
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Amount |
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Value |
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Value |
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Amount |
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Value |
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Value |
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2024 SVB Convertible Debt |
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$ |
10,000 |
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$ |
9,823 |
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$ |
9,375 |
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$ |
— |
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$ |
— |
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$ |
— |
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As of September 30, 2024 and December 31, 2023, the Convertible Term Loan and New Convertible Term Loan balances were comprised of the following:
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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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Convertible Term Loan Information |
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Principal |
$ |
— |
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$ |
15,000 |
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Transaction costs |
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— |
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(5 |
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Accrued paid-in-kind interest |
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— |
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2,311 |
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Discount on modification of debt |
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— |
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(1,074 |
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Accretion of discount on modification of debt |
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— |
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430 |
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— |
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16,662 |
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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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New Convertible Term Loan Information |
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Principal |
$ |
10,000 |
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$ |
— |
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Transaction costs |
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(186 |
) |
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— |
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Amortization of transaction costs |
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9 |
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— |
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9,823 |
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— |
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| Schedule of Changes in Fair Value of Liabilities |
The following table presents the changes in fair value of our total Level 3 financial liabilities for the nine months ended September 30, 2024:
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Balance at |
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Change in |
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Balance at |
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(in thousands) |
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December 31, 2023 |
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Fair Value |
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September 30, 2024 |
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Contingent consideration |
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$ |
528 |
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$ |
171 |
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$ |
699 |
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