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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of March 31, 2023 and December 31, 2022 for financial instruments measured at fair value on a recurring basis (in thousands):

 

 

 

 

 

Fair Value Hierarchy Classification

 

 

 

Balance

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

563

 

 

$

563

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

26,350

 

 

 

26,350

 

 

 

 

 

 

 

Total assets

 

$

27,131

 

 

$

27,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

40,317

 

 

 

 

 

 

 

 

$

40,317

 

Derivative liability

 

 

448

 

 

 

 

 

 

 

 

 

448

 

Total liabilities

 

$

40,765

 

 

 

 

 

 

 

 

$

40,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

415

 

 

$

415

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

45,399

 

 

 

45,399

 

 

 

 

 

 

 

Total assets

 

$

46,032

 

 

$

46,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

18,644

 

 

 

 

 

 

 

 

$

18,644

 

Derivative liability

 

 

42

 

 

 

 

 

 

 

 

 

42

 

Total liabilities

 

$

18,686

 

 

 

 

 

 

 

 

$

18,686

 

Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis

A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):

 

 

 

Warrant Liabilities

 

Balance – December 31, 2022

 

 

$

18,644

 

Loss adjustment to fair value

 

 

 

21,673

 

Balance – March 31, 2023

 

 

$

40,317

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance – December 31, 2022

 

 

$

42

 

Loss adjustment to fair value

 

 

 

406

 

Balance – March 31, 2023

 

 

$

448