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Fair Value Measurements
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The Company did not have financial assets and liabilities measured at fair value at December 31, 2021 and 2020.

There have been no changes to the valuation methods used during the years ended December 31, 2021 and 2020. There were no transfers within the fair value hierarchy during the years ended December 31, 2021 and 2020.

The carrying values of the Company’s cash and cash equivalents, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

In connection with the Company’s sale of Series C redeemable convertible preferred stock (“Series C Preferred Stock”) in January 2020, the Company issued to investors warrants for the purchase of common stock (“Warrants”). The proceeds from the issuance of the Series C Preferred Stock were allocated between the Series C Preferred Stock and Warrants based on their relative fair values at the time of issuance.