Fair Value of Financial Instruments

12 Months Ended

Dec. 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):

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

	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 short-term investments, in thousands):

	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	$	—

	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	$	5,505	$	10,836	$	—

As of December 31, 2023 and 2022, the fair value of the warrant liability amounted to $1.1 million and $19,000, respectively. (Note 5 – Warrant Liability).