Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value of Financial Assets and Liabilities

The following table sets forth the fair value of our financial assets and liabilities, allocated into Level 1, Level 2 and Level 3, that were measured on a recurring basis (in thousands):

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	41,201	$	—	$	—	$	41,201
Total financial assets	$	41,201	$	—	$	—	$	41,201
Financial Liabilities:
Short-term warrants	$	—	$	—	$	9	$	9
Long-term warrants		—		—		487		487
Total financial liabilities	$	—	$	—	$	496	$	496
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	56,337	$	—	$	—	$	56,337
Total financial assets	$	56,337	$	—	$	—	$	56,337

Schedule of Changes in Fair Value of the Level 3 Warrant Liabilities

The following table presents the changes in the fair value of the Level 3 warrant liabilities (in thousands):

	Short-Term			Long-Term
	Warrants			Warrants			Total
Initial fair value measurement on April 1, 2022	$	793		$	2,409		$	3,202
Change in valuation		(784	)		(1,922	)		(2,706	)
Fair value as of June 30, 2022	$	9		$	487		$	496

Warrants

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Estimated Fair Value For The Warrants Black-Scholes Model

The Company estimated the fair value for the warrants using a Black-Scholes model. The warrants are classified as Level 3 due to the use of unobservable inputs. The key inputs into the Black-Scholes model for the warrants were as follows:

	Fair Value Inputs for the Warrants
	April 1, 2022
Input	(Initial Measurement)			June 30, 2022
Short-term warrants:
Risk-free interest rate		2.07	%		2.81	%
Term in years	1.5 years			1.25
Expected volatility		48.3	%		55.0	%
Exercise price per share of common stock	$	10.80		$	10.80
Stock price	$	7.34		$	2.46
Long-term warrants:
Risk-free interest rate		2.53	%		2.99	%
Term in years	5 years			4.75 years
Expected volatility		48.3	%		55.0	%
Exercise price per share of common stock	$	10.80		$	10.80
Stock price	$	7.34		$	2.46