Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

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 March 31, 2023 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents—money market funds	$	70,959	$	14	$	—	$	70,973
	$	70,959	$	14	$	—	$	70,973
Liabilities:
Embedded derivative liability	$	—	$	—	$	10	$	10
Class C warrant liability	—		—		17,692		17,692
	$	—	$	—	$	17,702	$	17,702

	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	—		—		23,131		23,131
	$	—	$	—	$	23,141	$	23,141

Summary of Aggregate Fair Values of Warrant Liability and Derivative Liability

The following table provides a roll-forward of the aggregate fair values financial instruments for which fair values are determined using Level 3 inputs:

(in thousands)	Embedded Derivative Liability		Class C Warrant Liability		Total
Balance as of December 31, 2022	$	10	$	23,131	$	23,141
Change in fair value	—		(5,439)		(5,439)
Balance as of March 31, 2023	$	10	$	17,692	$	17,702

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

	March 31, 2023		December 31, 2022
Common stock price	$0.87		$0.99
Risk-free interest rate	3.9	%	4.0	%
Expected term (in years)	4.7 years		4.9 years
Expected volatility	91.9	%	101.7	%
Expected dividend yield	—	%	—	%