Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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:

	March 31,			December 31,
	2023			2022
Underlying price per share	$	0.43		$	0.31
Exercise price per share	$	17.16		$	17.16
Risk-free interest rate		4.90	%		4.74	%
Expected holding period		0.57			0.81
Expected volatility		85	%		75	%
Expected dividend yield		—			—

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

	March 31,			December 31,
	2023			2022
Underlying price per share	$	0.43		$	0.31
Exercise price per share	$	8.80		$	8.80
Risk-free interest rate		4.68	%		4.67	%
Expected holding period		0.94			1.19
Expected volatility		75	%		70	%
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 March 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	7,454	$	7,454	$	—	$	—
Liabilities:
Redeemable warrants	$	—		—		—	$	—

	As of December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	7,137	$	7,137	$	—	$	—
Liabilities:
Redeemable warrant	$	—		—		—	$	—