LOAN PAYABLE (Tables)

12 Months Ended

Dec. 31, 2022

LOAN PAYABLE

Schedule of key assumptions

The Company estimated the fair value of the Warrant using the Black-Scholes model based on the following key assumptions:

	Amended Term Loan
Exercise price	$	17.95
Common share price on date of issuance	$	19.35
Volatility		184.4	%
Risk-free interest rate		1.44	%
Expected dividend yield		—	%
Contractual term (in years)		7.00 years

Schedule of loan payable

The loan payable as of December 31, 2022 and 2021, is as follows:

	December 31,		December 31,
(in thousands)	2022		2021
Loan payable	$	70,000	$	70,000
Add: Accreted Liability of final payment fee		6,667		5,140
		76,667		75,140
Less: unamortized debt issuance costs		(5,532)		(7,377)
		71,135		67,763
Less: principal payments		—		—
Total loan payable		71,135		67,763
Less: current portion		—		(975)
Loan payable non-current	$	71,135	$	66,788