Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

Description	June 30, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	5,589	$	5,589	$	—	$	—
Total assets	$	5,589	$	5,589	$	—	$	—
Liabilities:
Warrant liability	$	3,645	$	—	$	—	$	3,645
Total liabilities	$	3,645	$	—	$	—	$	3,645

Description	December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	16,523	$	16,523	$	—	$	—
Total assets	$	16,523	$	16,523	$	—	$	—

Summary of Black Scholes Pricing Model Assumptions Used to Record Fair Value of Warrants

A summary of the Black Scholes pricing model assumptions used to record the fair value of the warrants is as follows:

	June 30, 2022		May 4, 2022
Stock price	$	0.19	$	0.14
Risk-free interest rate	3.01%		2.93%
Expected dividend yield	—%		—%
Expected term (in years)	4.9 - 5.4		5.0 - 5.5
Expected volatility	106%		105%

Summary of Change in Level 3 Warrant Liability

The following table reflects the change in the Company’s Level 3 Warrant liability for the six months ended June 30, 2022 (in thousands):

Fair value of warrant liability as of the beginning of the period	$	—
Issuance of warrants		2,622
Change in fair value		1,023
Fair value of warrant liability as of the end of the period	$	3,645