Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.2.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Financial Instrument

The estimated fair values of financial instruments outstanding were (in thousands):

 

    September 30, 2022 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 18,372     $ —     $ (53 )   $ 18,319  
Total   $ 18,372     $ —     $ (53 )   $ 18,319  

 

    December 31, 2021  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 23,040     $ —     $ (29 )   $ 23,011  
Total   $ 23,040     $ —     $ (29 )   $ 23,011  
Schedule of Fair Value Hierarchy Financial Assets

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):

 

    Fair Value     Level 1     Level 2     Level 3  
    September 30, 2022 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 2,319     $ 2,319     $ —     $ —  
Corporate notes and commercial paper     18,319       18,319       —       —  
Total financial assets   $ 20,638     $ 20,638     $ —     $ —  

 

    Fair Value     Level 1     Level 2     Level 3  
    December 31, 2021  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 5,484     $ 5,484     $ —     $ —  
Corporate notes and commercial paper     23,011       23,011       —       —  
Total financial assets   $ 28,495     $ 28,495     $ —     $ —  
Schedule of Derivative Liability Transactions

 

    September 30, 2022     September 30, 2021     September 30, 2022     September 30, 2021  
    Three Months Ending     Nine Months Ending  
    September 30, 2022     September 30, 2021     September 30, 2022     September 30, 2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Beginning balance   $ 115,000     $ 842,000     $ 138,000     $ 383,000  
Issuance of warrants     —       —       —       —  
Change in fair value   $ (58,000 )   $ (502,000 )   $ (81,000 )   $ (43,000 )
Extinguishment     —       —       —       —  
Ending balance   $ 57,000     $ 340,000     $ 57,000     $ 340,000