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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