Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.23.3
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2023
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 follow:

  

    September 30, 2023 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 13,323     $ 43     $     $ 13,366  
Total   $ 13,323     $ 43     $     $ 13,366  

 

    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):

 

    Fair Value     Level 1     Level 2     Level 3  
    September 30, 2023 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 2,474     $ 2,474     $     $  
Corporate notes and commercial paper     13,366       13,366              
Total financial assets   $ 15,840     $ 15,840     $     $  

 

    Fair Value     Level 1     Level 2     Level 3  
    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 September 30, 2023, the fair value of the warrant liability amounted to $1,053. The details of warrant liability transactions for the three and six months ended September 30, 2023 and 2022, are as follows:

  

    September 30, 2023     September 30, 2022     September 30, 2023     September 30, 2022  
    Three Months Ending     Nine Months Ending  
    September 30, 2023     September 30, 2022     September 30, 2023     September 30, 2022  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Beginning balance   $ 1,538     $ 115     $ 19     $ 138  
Fair value upon issuance of warrants           5,830      
Change in fair value   (485 )   (58 )   (4,796 )   (81 )
Ending balance   $ 1,053     $ 57     $ 1,053     $ 57