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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of fair value financial assets measured on a recurring basis
The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, and 2021:
(in thousands)Level 1Level 2Level 3Total
December 31, 2022
Assets:
Money market funds$10,354 $— $— $10,354 
U.S. government securities12,316 — — 12,316 
Commercial paper— 21,189 — 21,189 
Total assets$22,669 $21,189 $— $43,859 
Liabilities:
Debt derivative liabilities$— $— $4,518 $4,518 
Total liabilities$— $— $4,518 $4,518 
December 31, 2021Level 1Level 2Level 3Total
Assets:
Money market funds$22,012 $— $— $22,012 
U.S. government securities12,081 — — 12,081 
Commercial paper— 39,249 — 39,249 
Total assets$34,093 $39,249 $— $73,342 
Liabilities:
Debt derivative liability$— $— $5,562 $5,562 
Total liabilities$— $— $5,562 $5,562 
Schedule of fair value instruments classified Level 3
The changes in Level 3 liabilities measured at fair value on a recurring basis were as follows:
(in thousands)Debt Derivative Liabilities
Balance, December 31, 2020$2,497 
Acquired3,037 
Change in fair value included in net loss28 
Balance, December 31, 20215,562 
Change in fair value included in net loss(1,044)
Balance, December 31, 2022$4,518 
Schedule of significant inputs in liability valuation
The significant inputs that are included in the valuation of the debt derivative liability - first tranche include:
December 31, 2022December 31, 2021
Input
Remaining term (years)4.55.5
Maturity dateJune 30, 2027June 30, 2027
Coupon rate
9.5% - 12.7%
9.50% 
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate13.90% 110.72 %1
Probability of mandatory prepayment before 20245.0% 15.0% 1
Estimated timing of mandatory prepayment event before 2024December 31, 20231December 31, 20231
Probability of mandatory prepayment 2024 or after15.0% 115.0% 1
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
1 Represents a significant unobservable input.
The significant inputs that are included in the valuation of the debt derivative liability - second tranche include:
December 31, 2022December 31, 2021
Input
Remaining term (years)5.56.5
Maturity dateJune 30, 2028June 30, 2028
Coupon rate
9.5% - 12.7%
9.50% 
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate17.56 %113.21 %1
Probability of mandatory prepayment before 20245.0% 15.0% 1
Estimated timing of mandatory prepayment event before 2024December 31, 20231December 31, 20231
Probability of mandatory prepayment 2024 or after15.0% 115.0% 1
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
1 Represents a significant unobservable input.