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FAIR VALUE OF MEASUREMENTS AND INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Assets Measured at Fair Value on a Recurring Basis
The following tables present the Company’s investment securities (including those classified on the Company’s balance sheet as cash equivalents) that are measured at fair value on a recurring basis as of December 31, 2022 and 2021:
Fair Value at December 31, 2022
Fair Value at December 31, 2021
(in thousands)
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Cash Equivalents:
Money market funds and treasury bills$20,024 $— $— $42,487 $— $— 
Total Cash Equivalents$20,024 $— $— $42,487 $— $— 
The following table provides the warrant derivative reported at fair value and measured on a recurring basis:
Fair Value at December 31, 2022
Fair Value at December 31, 2021
(in thousands)Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Warrant derivative liability$— $— $809 $— $— $2,773 
Schedule of Derivative Liabilities at Fair Value
The fair value of the warrants has been estimated with the following weighted-average assumptions, including the most sensitive input, volatility:
December 31, 2022December 31, 2021
Risk-free interest rate4.1 %1.22 %
Volatility102 %94 %
Expected life (years)3.634.64
The following table reflects the fair value roll forward reconciliation of the 2019 Public Warrants liabilities for the period ended December 31, 2022:
(in thousands)Warrant Derivative Liability
Balance, December 31, 2021
$2,773 
Change in fair value(1,964)
Balance, December 31, 2022
$809