Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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:

  June 30, 2024
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
 Money market funds
 $ 15,871 $ — $ —
Liabilities:
March 2023 Cargill Warrant Liability $ — $ — $ 10,298
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
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:
June 30,
2024
(in thousands)
Balance as of December 31, 2023 $ 7,214
Fair value measurement adjustments through other income (expense) 3,084
Balance as of June 30, 2024 $ 10,298

June 30,
2023
(in thousands)
Balance as of March 28, 2023 (initial measurement) $ 25,697
Fair value measurement adjustments (15,151)
Balance as of June 30, 2023 $ 10,546
Schedule of 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:

June 30,
2024 2023
Input
Share price $ 2.79 $ 2.72
Risk-free interest rate 4.33% 4.13%
Volatility 125% 132%
Exercise price $ 6.50 $ 13.00
Warrant life (years) 3.7 4.7
Dividend yield —% —%