FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair value

Schedule of financial assets or liabilities measured at fair value on a recurring basis

	As of June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	6,865	$	—	$	—	$	6,865
Money market funds		48,863		—		—		48,863
Total cash and cash equivalents	$	55,728	$	—	$	—	$	55,728
U.S. government agency debt securities		—		11,994		—		11,994
Total marketable securities	$	—	$	11,994	$	—	$	11,994
Total financial assets measured at fair value on a recurring basis	$	55,728	$	11,994	$	—	$	67,722
Warrant liabilities - Common Warrants		—		—		24,775		24,775
Total financial liabilities measured at fair value on a recurring basis	$	—	$	—	$	24,775	$	24,775

Schedule of aggregate fair values of the Company's warrant liability

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liability, for which fair value is determined using Level 3 inputs (in thousands):

	Warrant Liability
	Common Warrant		Pre-Funded Warrant
Balance as of January 1, 2022	$	—	$	—
Initial fair value of Warrant Liability		13,734		8,101
Warrants exercised		—		(1,417)
Change in fair value		3,218		1,139
Balance as of June 30, 2022	$	16,952	$	7,823

Common And Pre-Funded Warrants

Fair value

Schedule of fair value of warrants using the Black Scholes option pricing model

Expected term (in years)	4.0
Volatility	84.33	%
Risk-free interest rate	2.98	%
Dividend yield	0.00	%