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Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Fair Value Assets Measured on Recurring Basis
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):
 
    
Fair Value Measured as of June 30, 2023
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
           
Cash Equivalents:
           
Money market funds
   $ 4,765      $ —      $ —      $ 4,765  
Short-term marketable securities:
           
Commercial paper
     —          5,171        —          5,171  
U.S. government treasuries
     2,953        —          —          2,953  
U.S. government agency securities
     —          10,463        —          10,463  
Corporate debt securities
     —          2,093        —          2,093  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total cash equivalents and marketable securities
   $ 7,718      $ 17,727      $ —      $ 25,445  
  
 
 
    
 
 
    
 
 
    
 
 
 
    
Fair Value Measured as of December 31, 2022
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
           
Cash Equivalents:
           
Money market funds
   $ 2,266      $ —      $ —      $ 2,266  
Commercial paper
     —          4,496        —          4,496  
Corporate debt securities
     —          3,032        —          3,032  
Short-term marketable securities:
           
Commercial paper
     —          15,587        —          15,587  
U.S. government treasuries
     1,005        —          —          1,005  
U.S. government agency securities
     —          16,069        —          16,069  
Corporate debt securities
     —          8,135        —          8,135  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total cash equivalents and marketable securities
   $ 3,271      $ 47,319      $ —      $ 50,590  
  
 
 
    
 
 
    
 
 
    
 
 
 
Summary of Liabilities Measured at Fair Value on Recurring Basis
    
Fair Value Measured as of
June 30, 2023
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Liabilities:
           
Common stock warrant liabilities
   $ —      $ —      $ 244      $ 244  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value
   $ —      $ —      $ 244      $ 244  
  
 
 
    
 
 
    
 
 
    
 
 
 
    
Fair Value Measured as of
December 31, 2022
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Liabilities:
           
Common stock warrant liabilities
   $ —      $ —      $ 144      $ 144  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value
   $ —      $ —      $ 144      $ 144  
  
 
 
    
 
 
    
 
 
    
 
 
 
Summary of Changes in Level 3 Warrant liabilities measured at fair value
The following table presents changes in Level 3 liabilities measured at fair value for the
six-month
period ended June 30, 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs (in thousands).
 
    
Warrant
Liability
 
Balance – January 1, 2023
  
$
144
 
Change in fair value
     100  
  
 
 
 
Balance – June 30, 2023
  
$
244
 
  
 
 
 
Private Warrant [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Fair Value of the Company's warrant liabilities
A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2023 and December 31, 2022 is as follows:
 
    
As of
June 30, 2023
   
As of
December 31, 2022
 
Stock price
   $ 1.30     $ 1.02  
Exercise price
   $ 11.50     $ 11.50  
Option term (years)
     2.5       3.0  
Volatility (annual)
     80.6     73.7
Risk-free rate
     4.6     4.1
Dividend yield (per share)
     0     0