LOAN PAYABLE (Tables)

12 Months Ended

Dec. 31, 2021

LOAN PAYABLE

Schedule of key assumptions

The Company estimated the fair value of the Warrant using the Black-Scholes model based on the following key assumptions:

	Amended Term Loan
Exercise price	$	17.95
Common share price on date of issuance	$	19.35
Volatility		184.4	%
Risk-free interest rate		1.44	%
Expected dividend yield		—	%
Contractual term (in years)		7.00 years

Schedule of loan payable

The loan payable as of December 31, 2021 and 2020, is as follows:

	December 31,		December 31,
(in thousands)	2021		2020
Loan payable	$	70,000	$	30,000
End of term fee		5,140		975
		75,140		30,975
Less: unamortized debt issuance costs		(7,377)		(1,080)
		67,763		29,895
Less: principal payments		—		—
Total loan payable		67,763		29,895
Less: current portion		(975)		(22,179)
Loan payable non-current	$	66,788	$	7,716