FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair value

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

	As of September 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	7,880	$	—	$	—	$	7,880
Money market funds		32,508		—		—		32,508
Total cash and cash equivalents	$	40,388	$	—	$	—	$	40,388
U.S. government agency debt securities		—		6,990		—		6,990
Total marketable securities	$	—	$	6,990	$	—	$	6,990
Total financial assets measured at fair value on a recurring basis	$	40,388	$	6,990	$	—	$	47,378
Warrant liabilities - Common Warrants		—		—		24,739		24,739
Total financial liabilities measured at fair value on a recurring basis	$	—	$	—	$	24,739	$	24,739

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		3,331		990
Balance as of September 30, 2022	$	17,065	$	7,674

Common And Pre-Funded Warrants

Fair value

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

Expected term (in years)	3.7
Volatility	91.53	%
Risk-free interest rate	4.11	%
Dividend yield	0.00	%