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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

%