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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table provides the assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such value at December 31, 2022 and 2021:

 

 

2022

 

 

 

Fair Value

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

12,253

 

 

$

12,253

 

 

$

 

 

$

 

Commercial paper

 

 

1,998

 

 

 

 

 

 

1,998

 

 

 

 

U.S. government agency bonds

 

 

1,991

 

 

 

 

 

 

1,991

 

 

 

 

Total cash equivalents at fair value

 

 

16,242

 

 

 

12,253

 

 

 

3,989

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

33,622

 

 

 

33,622

 

 

 

 

 

 

 

Commercial paper and corporate bonds

 

 

40,162

 

 

 

 

 

 

40,162

 

 

 

 

Total short-term investments at fair value

 

 

73,784

 

 

 

33,622

 

 

 

40,162

 

 

 

 

Total assets at fair value

 

$

90,026

 

 

$

45,875

 

 

$

44,151

 

 

$

 

 

 

2021

 

 

 

Fair Value

 

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

84,102

 

 

$

84,102

 

 

$

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout

 

$

524

 

 

$

 

 

$

 

 

$

524

 

Summary of Short-Term Investments

 

 

2022

 

 

 

Fair
Value

 

 

Cost
Basis

 

 

Amounts Recognized in Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

 

(in thousands)

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

33,622

 

 

$

33,676

 

 

$

 

 

$

(54

)

Commercial paper and corporate bonds

 

 

40,162

 

 

 

40,169

 

 

 

 

 

 

(7

)

Total available-for-sale securities at fair value

 

$

73,784

 

 

$

73,845

 

 

$

 

 

$

(61

)

Schedule of Rollforward of the Estimate Fair Values for Instruments

The following tables present the rollforward of the estimated fair values for instruments classified by the Company within Level 3 of the fair value hierarchy defined above, measured using significant unobservable inputs:

 

 

Warrant
liabilities

 

 

Forward
obligation

 

 

Contingent
earnout

 

 

Total

 

 

 

(in thousands)

 

December 31, 2020

 

$

1,914

 

 

$

2,750

 

 

$

930

 

 

$

5,594

 

Payment of contingent earnout

 

 

 

 

 

 

 

 

(667

)

 

 

(667

)

Addition

 

 

2,135

 

 

 

 

 

 

 

 

 

2,135

 

Change in fair value

 

 

(71

)

 

 

(52

)

 

 

261

 

 

 

138

 

Reclassification to equity upon initial public offering

 

 

(3,978

)

 

 

 

 

 

 

 

 

(3,978

)

Settlement of forward obligation into common stock on initial public offering

 

 

 

 

 

(2,698

)

 

 

 

 

 

(2,698

)

December 31, 2021

 

 

 

 

 

 

 

 

524

 

 

 

524

 

Payment of contingent earnout

 

 

 

 

 

 

 

 

(524

)

 

 

(524

)

December 31, 2022

 

$

 

 

$

 

 

$

 

 

$

 

Summary of Warrants Outstanding

Warrants outstanding at December 31 included the following:

 

 

 

Purchase Price Per Share

 

Number of warrants

 

 

2022

 

 

2021

 

 

27,398

 

 

$

10.95

 

 

$

10.95

 

 

54,792

 

 

$

12.00

 

 

$

17.80

 

 

249,313

 

 

$

12.00

 

 

$

20.08

 

 

331,503