Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:
Fair Value Measured as of March 31, 2024
Level 1 Level 2 Level 3 Total
(In thousands)
Assets
Money market funds (i) $ 6,732  $ —  $ —  $ 6,732 
Corporate bonds (ii) —  3,151  —  3,151 
Total financial assets $ 6,732  $ 3,151  $ —  $ 9,883 
Liabilities
Common stock warrant liabilities (Public Warrants) (iii)
 $ 489  $ —  $ —  $ 489 
Common stock warrant liabilities (Private Placement Warrants) (iii)
 —  —  241  241 
Common stock warrant liabilities (2022 Private Warrant) (iii) —  —  28  28 
Common stock warrant liabilities (RDO Warrants) (iii) —  —  13,053  13,053 
Common stock warrant liabilities (Placement Agent Warrants) (iii)
 —  —  644  644 
Contingent earnout liabilities —  —  1,893  1,893 
Total financial liabilities $ 489  $ —  $ 15,859  $ 16,348 
Fair Value Measured as of December 31, 2023
Level 1 Level 2 Level 3 Total
(In thousands)
Assets
Money market funds (i) $ 3,422  $ —  $ —  $ 3,422 
Corporate bonds (ii) —  6,621  —  6,621 
Total financial assets $ 3,422  $ 6,621  $ —  $ 10,043 
Liabilities
Common stock warrant liabilities (Public Warrants) (iii)
 $ 258  $ —  $ —  $ 258 
Common stock warrant liabilities (Private Placement Warrants) (iii)
 —  —  127  127 
Common stock warrant liabilities (2022 Private Warrant) (iii) —  —  23  23 
Common stock warrant liabilities (RDO Warrants) (iii) —  —  10,891  10,891 
Common stock warrant liabilities (Placement Agent Warrants) (iii)
 —  —  536  536 
Contingent earnout liabilities —  —  1,456  1,456 
Total financial liabilities $ 258  $ —  $ 13,033  $ 13,291 
(i)     Included in cash and cash equivalents on the condensed consolidated balance sheets.
(ii)     Included in short-term investments on the condensed consolidated balance sheets.
(iii)    Included in warrant liabilities on the condensed consolidated balance sheets.
For more information regarding the Public Warrants, Private Placement Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, and the Contingent earnout liabilities, see Note 10, Equity Instruments.
The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of March 31, 2024 and December 31, 2023. Realized gains and losses, net of tax, were not material for any of the periods presented.
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:
Private placement warrant liabilities 2022 Private Warrant Contingent earnout liabilities RDO Warrants Placement Agent Warrants
(In thousands)
Fair value as of January 1, 2024 $ 127  $ 23  $ 1,456  $ 10,891  $ 536 
Change in fair value 114  5  437  2,162  108 
Fair value as of March 31, 2024 $ 241  $ 28  $ 1,893  $ 13,053  $ 644 
Private placement warrant liabilities 2022 Private Warrant Contingent earnout liabilities RDO Warrants Placement Agent Warrants
(In thousands)
Fair value as of January 1, 2023 888  109  17,414  —  — 
Change in fair value 869  37  9,653  —  — 
Fair value as of March 31, 2023 $ 1,757  $ 146  $ 27,067  $ —  $ —