Senior secured term loan facility and warrants (Tables)

3 Months Ended

Mar. 31, 2023

Financial Instruments [Abstract]

Schedule of key inputs used for valuation

The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of March 31, 2023 were as follows:

	As of		As of
	March 31, 2023		December 31, 2022
Exercise price in USD	8.30		8.30
Share price in USD	1.95		3.84
Risk-free interest rate	3.7	%	4.0	%
Expected volatility	80	%	80	%
Expected term (months)	52.5 months		55.5 months
Dividend yield	—		—
Black-Scholes value in USD	0.64		1.89

Key inputs for the valuations as of March 31, 2022 was as follows:

Deerfield First Tranche

	As of
	March 31, 2022
Exercise price at 130% of the IPO price of 19.00, in USD	24.70
Forced conversion price, in USD	67.93
Share price in USD	14.69
Risk-free interest rate	2.4	%
Expected volatility	76	%
Expected term (months)	37.0 months
Dividend yield	—
Recovery rate	5	%
Implied bond yield	10.3	%

Deerfield Second Tranche

	As of
	March 31, 2022
Exercise price in USD	28.07
Forced conversion price, in USD	77.19
Share price in USD	14.69
Risk-free interest rate	2.4	%
Expected volatility	76	%
Expected term (months)	37.0 months
Dividend yield	—
Recovery rate	5	%
Implied bond yield	10.3	%