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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Inputs and Assumptions used to Determine Fair Value of Warrant Liability At June 30, 2022, the fair value of the warrant liability was estimated using the Black-Scholes Model with the following inputs and assumptions:

 

 

 

June 30,
2022

 

Risk-free interest rate

 

 

3.01

%

Expected volatility

 

 

103.6

%

Stock price

 

$

0.70

 

Expected life (years)

 

 

4.1

 

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in thousands):

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2022

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

48,202

 

 

$

 

 

$

 

Warrant liability

 

$

 

 

$

 

 

$

5,329

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

85,866

 

 

$

 

 

$

 

Warrant liability

 

$

 

 

$

 

 

$

18,731

 

 

(1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.