Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.24.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis
The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value:

  December 31, 2023
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
Money market funds
$ 16,322 $ $
Liabilities:
March 2023 Cargill Warrant Liability $ $ $ 7,214
December 31, 2022
Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements
Assets:
Money market funds
$ 13,997 $ $
Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis:
December 31,
2023
(in thousands)
Balance as of March 28, 2023 (initial measurement) $ 25,697
Fair value measurement adjustments through other income (expense) (18,483)
Balance as of December 31, 2023 $ 7,214
Fair Value Measurement Inputs and Valuation Techniques
The key inputs into the Black-Scholes model used to determine the fair value of the 2023 Cargill Warrant Liability were as follows at their measurement dates:

December 31,
2023
March 28, 2023
(initial measurement)
Input
Share price $ 2.07 $ 5.84
Risk-free interest rate 3.84% 3.63%
Volatility 133% 135%
Exercise price $ 13.00 $ 13.00
Warrant life (years) 4.2 5.0
Dividend yield —% —%