Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

 

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

  

    March 31, 2024 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 7,859     $                —     $         (2

)

   $ 7,857  
Total   $ 7,859     $               —     $        (2

)

   $ 7,857  

 

    December 31, 2023  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 12,845     $          48     $           —     $ 12,893  
Total   $ 12,845     $ 48     $ —     $ 12,893  

 

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, 2024 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 1,845     $ 1,845     $ —     $ —  
Corporate notes and commercial paper     7,857       —       7,857       —  
Total financial assets   $ 9,702     $ 1,845     $ 7,857     $ —  

 

    Fair Value     Level 1     Level 2     Level 3  
    December 31, 2023  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 443     $ 443     $ —     $ —  
Corporate notes and commercial paper     12,893       —       12,893       —  
Total financial assets   $ 13,336     $ 443     $ 12,893     $ —  

 

As of March 31, 2024, the fair value of the warrant liability was $394,000. The details of warrant liability transactions for the three months ended March 31, 2024 and 2023, were as follows (in thousands):

   

    March 31, 2024     March 31, 2023  
    Three Months Ending  
    March 31, 2024     March 31, 2023  
    (Unaudited)     (Unaudited)  
Beginning balance   $ 1,052     $ 19  
Issuance of warrants at fair value     —       5,831  
Change in fair value     (658 )     (2,924 )
Extinguishment     —       —  
Ending balance   $ 394     $ 2,926