LONG-TERM DEBT RELATED-PARTY (Tables)

3 Months Ended

Mar. 31, 2023

The carrying value of the Secured Note at March 31, 2023 and December 31, 2022 consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Outstanding principal	$	34,934	$	34,934
Unamortized debt issuance discount	(17,504)		(18,076)
Net carrying amount	$	17,430	$	16,858

Schedule of Interest Expense

Interest expense during the three months ended March 31, 2023 and 2022 were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Contractual coupon interest	$	236	$	753
Amortization of debt issuance costs	182		162
Total interest expense on convertible notes	$	418	$	915

Interest expense in connection with the Secured Note during the three months ended March 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Contractual interest	$	441	$	—
Amortization of the debt discount	572		—
Total interest expense	$	1,013	$	—

Schedule of Maturities of Future Principal and Accrued Interest Obligations

The following presents maturities of future principal and accrued interest obligations of the Secured Note as of March 31, 2023 (in thousands):


	Principal		Accrued Interest		Total
2023	$	—	$	—	$	—
2024	—		—		—
2025	—		—		—
2026	—		—		—
2027	34,934		1,104		36,038
Thereafter	—		—		—
Total	$	34,934	$	1,104	$	36,038

Summary of Inputs Used to Estimated Fair Value

The table below summarizes the significant assumptions and inputs used to estimate the fair value of the Secured Note as of March 31, 2023 and December 31, 2022:


	March 31,			December 31,
	2023			2022
Stock price	$	0.70		$	2.68
Term (years)	4.38			5
Volatility	103.49		%	84.30		%
Risk-free rate	3.67		%	2.91		%

See Note 4, Fair Value of Financial Instruments for additional information.