Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 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 (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

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):

	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	$	—	$	—

	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):

	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