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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis

Recurring fair value measurements:

 

 

Fair Value Measurements as of December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

140,032

 

 

$

 

 

$

 

 

$

140,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

3,041

 

 

$

 

 

$

 

 

$

3,041

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible promissory notes

 

$

 

 

$

 

 

$

10,131

 

 

$

10,131

 

 

(1)

 Included in cash and cash equivalents in the accompanying balance sheets.

 

Schedule of Assets and Liabilities Measured on Non-Recurring Basis

Non-Recurring fair value measurement:

 

 

Fair Value Measurements as of December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible asset

 

$

-

 

 

$

-

 

 

$

3,811

 

 

$

3,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Convertible Notes Measured at Fair Value Significant Unobservable Inputs

The following table provides a reconciliation of the Convertible Notes (refer to Note 9) measured at fair value using significant unobservable inputs (Level 3) (amounts in thousands):

 

Convertible Notes

 

 

(Level 3)

 

Balance as of December 31, 2019

$

8,165

 

Issuance of convertible promissory notes

 

1,000

 

Accrued interest

 

813

 

Change in fair value of convertible promissory notes

 

153

 

Balance as of December 31, 2020

$

10,131

 

Issuance of convertible promissory notes

 

-

 

Accrued interest

 

584

 

Change in fair value of convertible promissory notes

 

(1,585

)

Converted into common stock

 

(9,130

)

Balance as of December 31, 2021

$

 

 

 

 

 

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive (amounts in thousands):

 

Year Ended December 31,

 

 

2021

 

 

2020

 

Options to purchase common stock

 

1,750

 

 

 

391

 

Warrants to purchase common stock

 

37

 

 

 

 

Series Seed convertible preferred stock

 

 

 

 

734

 

Series A convertible preferred stock

 

 

 

 

7,212