Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalent	$	14,110	$	14,110	$	—	$	—
Marketable investments	$	7,167	$	7,167	$	—	$	—

	As of December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalent	$	25,180	$	25,180	$	—	$	—
Marketable investments	$	7,137	$	7,137	$	—	$	—

Schedule of Assumptions to Estimate Fair Value of Warrants

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

	September 30, 2023			December 31, 2022
Underlying price per share	$	0.46		$	0.31
Exercise price per share	$	17.16		$	17.16
Risk-free interest rate		5.55	%		4.74	%
Expected holding period		0.07			0.81
Expected volatility		85	%		75	%
Expected dividend yield		—			—

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

	September 30, 2023			December 31, 2022
Underlying price per share	$	0.46		$	0.31
Exercise price per share	$	8.80		$	8.80
Risk-free interest rate		5.53	%		4.67	%
Expected holding period		0.44			1.19
Expected volatility		80	%		70	%
Expected dividend yield		—			—

Schedule of Range of Probabilities

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