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FAIR VALUE MEASUREMENTS AND INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Assets Measured at Fair Value on a Recurring Basis The following table presents the Company’s investment securities (including, if applicable, those classified on the Company’s balance sheet as cash equivalents) that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:
Fair Value at March 31, 2023
Fair Value at December 31, 2022
(in thousands)
Level 1
Level 2
 Level 3
Level 1Level 2 Level 3
Cash equivalents:
Money market funds$14,029 $— $— $20,024 $— $— 
Total cash equivalents$14,029 $— $— $20,024 $— $— 
The following table provides the warrant derivative liability reported at fair value and measured on a recurring basis:
Fair Value at March 31, 2023
Fair Value at December 31, 2022
(in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Warrant derivative liability$— $— $235 $— $— $809 
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:
March 31, 2023December 31, 2022
Risk-free interest rate
3.80%4.1%
Volatility
109.00%102.00%
Expected term (years)
3.383.63
The following table reflects the fair value roll forward reconciliation of the Public Warrants liabilities for the period ended March 31, 2023:
(in thousands)Warrant Derivative Liability
Balance, December 31, 2022
$809 
Change in fair value(574)
Balance, March 31, 2023
$235