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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Liabilities
The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands):
At March 31, 2022
Level 1Level 2Level 3Total
2017 Placement Warrants Liability$— $— $2,957 $2,957 
2016 Placement Warrants Liability— — 1,008 1,008 
Total$— $— $3,965 $3,965 
At December 31, 2021
Level 1Level 2Level 3Total
2017 Placement Warrants Liability$— $— $5,030 $5,030 
2016 Placement Warrants Liability— — 1,765 1,765 
Total$— $— $6,795 $6,795 
Summary of Changes in Fair Value of Level 3 Financial Liabilities The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands):
Three Months Ended March 31,
20222021
Fair value, beginning of period$6,795 $4,864 
Change in fair value of Level 3 financial liabilities(2,830)947 
Fair value of 2016 Placement Warrants at exercise— (2)
Fair value of 2017 Placement Warrants at exercise— (325)
Fair value, end of period$3,965 $5,484