Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

	Fair Value Measurements as of December 31, 2022 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents—money market funds	$	70,170	$	2,858	$	—	$	73,028
	$	70,170	$	2,858	$	—	$	73,028
Liabilities:
Embedded derivative liability	$	—	$	—	$	10	$	10
Class C Warrant Liability (Note 10)					23,131		23,131
	$	—	$	—	$	23,141	$	23,141

	Fair Value Measurements as of December 31, 2021 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents—money market fund	$	20,000	$	27,793	$	—	$	47,793
	$	20,000	$	27,793	$	—	$	47,793
Liabilities:
Embedded derivative liability	$	—	$	—	$	821	$	821
	$	—	$	—	$	821	$	821

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll-forward of the aggregate fair values of the Company’s warrant liability and derivative liability, for which fair values are determined using Level 3 inputs:

(in thousands)	Embedded Derivative Liability		PIPE Warrant Liability		Class C Warrant Liability
Balance at December 31, 2020	$	455	$	—	$	—
Change in fair value	366		0		0
Balance at December 31, 2021	821		—		—
Issuance of Class C Warrants			41,249		21,526
Change in fair value	(811)		(2,495)		1,605
Reclassification to permanent equity			(38,754)
Balance at December 31, 2022	$	10	$	—	$	23,131

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company calculated the fair value of the PIPE Warrants and the Class C Warrants using the Black-Scholes option pricing model with the following inputs:

	PIPE Warrants				Class C Warrants
	7/6/2022 (issuance)		9/1/2022 (reclassification to permanent equity)		12/9/2022 (issuance)		December 31, 2022
Common stock price	$1.09		$1.04		$0.93		$0.99
Risk-free interest rate	2.96	%	3.29	%	3.75	%	4.00	%
Expected term (in years)	5.00		4.86		5.00		4.92
Expected volatility	97.30	%	97.50	%	101.80	%	101.70	%
Expected dividend yield	—	%	—	%	—	%	—	%

Schedule of Goodwill

The following table provides a rollforward of the Company’s goodwill and accumulated impairment losses.

(in thousands)	Goodwill, Gross		Accumulated Impairment Loss		Goodwill
Goodwill at December 31, 2020	$	27,109	$	—	$	27,109
Impairment losses	—		(9,758)		(9,758)
Goodwill at December 31, 2021	27,109		(9,758)		17,351
Goodwill at December 31, 2022	$	27,109	$	(9,758)	$	17,351