Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.23.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Financial Instrument

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

  

    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  

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  
    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     $ —     $ —  
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