Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

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 follows (in thousands):

	March 31, 2024 (Unaudited)
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Short-term investments	$	7,859	$	—	$	(2	)	$	7,857
Total	$	7,859	$	—	$	(2	)	$	7,857

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

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

	March 31, 2024 (Unaudited)
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	1,845	$	1,845	$	—	$	—
Corporate notes and commercial paper		7,857		—		7,857		—
Total financial assets	$	9,702	$	1,845	$	7,857	$	—

	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	$	—

As of March 31, 2024, the fair value of the warrant liability was $394,000. The details of warrant liability transactions for the three months ended March 31, 2024 and 2023, were as follows (in thousands):

	Three Months Ending
	March 31, 2024			March 31, 2023
	(Unaudited)			(Unaudited)
Beginning balance	$	1,052		$	19
Issuance of warrants at fair value		—			5,831
Change in fair value		(658	)		(2,924	)
Extinguishment		—			—
Ending balance	$	394		$	2,926