| Fair Value of Financial Instruments |
Note
3 – Fair Value of Financial Instruments
The
estimated fair values of financial instruments outstanding were (in thousands):
Schedule
of Estimated Fair Value of Financial Instrument
| |
|
March 31, 2023 (Unaudited) |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
17,883 |
|
|
$ |
— |
|
|
$ |
(29 |
) |
|
$ |
17,854 |
|
| Total |
|
$ |
17,883 |
|
|
$ |
— |
|
|
$ |
(29 |
) |
|
$ |
17,854 |
|
| |
|
December 31, 2022 |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
| Total |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
The
following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):
Schedule of Fair Value Hierarchy Financial Assets
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
March 31, 2023 (Unaudited) |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
1,837 |
|
|
$ |
1,837 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
17,854 |
|
|
|
17,854 |
|
|
|
— |
|
|
|
— |
|
| Total financial assets |
|
$ |
19,691 |
|
|
$ |
19,691 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
4 |
|
| |
|
December 31, 2022 |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
5,505 |
|
|
$ |
5,505 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
10,836 |
|
|
|
10,836 |
|
|
|
— |
|
|
|
— |
|
| Total financial assets |
|
$ |
16,341 |
|
|
$ |
16,341 |
|
|
$ |
— |
|
|
$ |
— |
|
As
of March 31, 2023, the fair value of the warrant liability was $2.9 million. The details of warrant liability transactions for
the three months ended March 31, 2023 and 2022, are as follows (in thousands):
Schedule of Derivative Liability Transactions
| |
|
March 31, 2023 |
|
|
March 31, 2022 |
|
| |
|
Three Months Ending |
|
| |
|
March 31, 2023 |
|
|
March 31, 2022 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Beginning balance |
|
$ |
19 |
|
|
$ |
138 |
|
| Issuance of warrants at fair value |
|
|
5,831 |
|
|
|
— |
|
| Change in fair value |
|
|
(2,924 |
) |
|
|
(18 |
) |
| Extinguishment |
|
|
— |
|
|
|
— |
|
| Ending balance |
|
$ |
2,926 |
|
|
$ |
120 |
|
|