Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments and Fair Value Measurements

Summary of Cash Equivalents and Conversion Right Liability's Carrying Value and Fair Value

The Company’s financial instruments consist of money market funds and conversion right liability. The following tables show the Company’s cash equivalent's carrying value and fair value at December 31, 2022 and 2021 (in thousands):

	As of December 31, 2022
	Carrying Amount		Fair Value		Quoted Priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	3,074	$	3,074	$	3,074	$	—	$	—
Total assets	$	3,074	$	3,074	$	3,074	$	—	$	—
	As of December 31, 2021
	Carrying Amount		Fair Value		Quoted Priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	12,793	$	12,793	$	12,793	$	—	$	—
Total assets	$	12,793	$	12,793	$	12,793	$	—	$	—

Schedule of Fair Value of the Conversion Feature Derivative Liability Derived Through Monte Carlo Method using Level 3 Inputs

Conversion feature derivative liability – The fair value of the conversion feature derivative liability was derived through the Monte Carlo method and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The conversion right liability outstanding when the Preferred Stock Series Seed was issued in July 2019 was reclassified to additional paid-in capital.

	Conversion Right Liability (in thousands)
Balance at January 1, 2021	$	717
Issuance of convertible rights		1,355
Changes in fair value		(436	)
Reclassification to additional paid-in capital		(1,636	)
Balance at December 31, 2021	$	—