Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy Valuation Inputs

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

(in thousands)	Level		March 31, 2023		December 31, 2022
Assets:
Investment in equity securities		1	$	7,596	$	10,548
Liabilities:
Contingent Consideration		3	$	2,200	$	2,400
Warrant liability – 2022 Purchase Warrants		3	$	786	$	1,129
Warrant liability - 2022 Inducement Warrants		3	$	1,029	$	1,714

Schedule of Fair Value of Contingent Consideration

The following table provides a roll forward of the fair value of the contingent consideration:

(in thousands)
Balance at December 31, 2021	$	6,200
Change in fair value of contingent consideration		-
Balance at March 31, 2022	$	6,200
Balance at December 31, 2022	$	2,400
Change in fair value of contingent consideration		(200	)
Balance at March 31, 2023	$	2,200

Schedule of Fair value Warrant by Using Black-Scholes Pricing Model Assumptions

The fair value at March 31, 2023 was estimated using a Black-Scholes pricing model based on the following assumptions:

	Purchase			Inducement
Stock price	$	0.61		$	0.61
Expiration term (in years)		4.63			3.67
Volatility		85.0	%		85.0	%
Risk-free Rate		3.61	%		3.71	%
Dividend yield		0.0	%		0.0	%

Schedule of Changes in Fair Value Warrant Liabilities

The following table presents the changes in the warrant liabilities measured at fair value (in thousands):

	Three Months Ended March 31,
	2023			2022
Fair value at beginning of period	$	2,843		$	12,854
Change in fair value of warrant liability		(1,028	)		(8,711	)
Fair value at end of period	$	1,815		$	4,143