Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assumptions to Estimate Fair Value of Warrants

The Company utilized the following assumptions to estimate the fair value of the April 2018 Warrants:

	September 30, 2022			December 31, 2021
Underlying price per share	$	0.58		$	0.92
Exercise price per share	$	17.16		$	17.16
Risk-free interest rate		4.06	%		0.67	%
Expected holding period		1.07			1.81
Expected volatility		70	%		120	%
Expected dividend yield		—			—

The Company utilized the following assumptions to estimate the fair value of the March 2019 Warrants:

	September 30, 2022			December 31, 2021
Underlying price per share	$	0.58		$	0.92
Exercise price per share	$	8.80		$	8.80
Risk-free interest rate		4.12	%		0.78	%
Expected holding period		1.44			2.19
Expected volatility		65	%		125	%
Expected dividend yield		—			—

Schedule of Range of Probabilities

Range of Probability	Probability
Low		0.5	%
Medium		1.0	%
High		5.0	%

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as:

	(in thousands) As of September 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	6,986	$	6,986	$	—	$	—
Liabilities:
Redeemable warrants	$	—		—		—	$	—

	(in thousands) As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	16,175	$	16,175	$	—	$	—
Liabilities:
Redeemable warrants	$	35		—		—	$	35

Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 Liabilities measured at fair value on a recurring basis are summarized as follows (in thousands):

Redeemable warrants:
Balance at December 31, 2021	$	35
Fair value adjustment		(35	)
Balance at September 30, 2022	$	—

Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The table below presents the balances of assets and liabilities measured at fair value on a nonrecurring basis by level within the hierarchy as:

	(in thousands) As of December 31, 2021
	Total		Level 1		Level 2		Level 3		Total Gains (Losses)
Assets:
Long lived assets held and used(a)	$	3,900	$	—	$	—	$	3,900	$	(1,800	)

(a) In accordance with Subtopic 360-10, long-lived assets held and used with a carrying amount of $5,700,000 were written down to their fair value of $3,900,000 resulting in an impairment charge of $1,800,000, which was included in earnings for the period ending December 31, 2021. A $300,000 deposit was received in the third quarter 2022 related to the asset.