Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes the fair value of the Company’s financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	711	$	711
Derivative liability - Deferred royalty obligation		—		—		1,600		1,600
Derivative liability - Oaktree term loan		—		—		863		863
Total financial liabilities	$	—	$	—	$	3,174	$	3,174

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	637	$	637
Total financial liabilities	$	—	$	—	$	637	$	637

Summary of Change in the Fair Value of the Common Stock Warrant Liabilities

The following table summarizes the change in the fair value of the common stock warrant liabilities for the six months ended June 30, 2022 (in thousands):

Beginning balance as of December 31, 2021	$	637
Changes in fair value		74
Ending balance as of June 30, 2022	$	711

The following table summarizes the change in the estimated fair value of the Company’s derivative liabilities for the six months ended June 30, 2022 (in thousands):

Beginning balance as of December 31, 2021	$	—
Initial fair value of derivative liability - Deferred royalty obligation		1,500
Initial fair value of derivative liability - Oaktree term loan		405
Change in fair value of derivatives		558
Ending balance as of June 30, 2022	$	2,463