Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of March 31, 2022 and December 31, 2021 for financial instruments measured at fair value on a recurring basis (in thousands):

 

 

 

 

 

 

Fair Value Hierarchy Classification

 

 

 

Balance

 

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs (Level 3)

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

621

 

 

$

621

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

94,589

 

 

 

94,589

 

 

 

 

 

 

 

Total assets

 

$

95,428

 

 

$

95,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

7,961

 

 

 

 

 

 

 

 

$

7,961

 

Derivative liability

 

 

378

 

 

 

 

 

 

 

 

 

378

 

Total liabilities

 

$

8,339

 

 

 

 

 

 

 

 

$

8,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

310

 

 

$

310

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

104,187

 

 

 

104,187

 

 

 

 

 

 

 

Total assets

 

$

104,715

 

 

$

104,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

18,062

 

 

 

 

 

 

 

 

$

18,062

 

Derivative liabilities

 

 

1,358

 

 

 

 

 

 

 

 

 

1,358

 

Total liabilities

 

$

19,420

 

 

 

 

 

 

 

 

$

19,420

 

 

Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis

A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):

 

 

 

Warrant Liabilities

 

Balance – December 31, 2021

 

 

$

18,062

 

Loan Agreement warrants

 

 

 

(71

)

Gain adjustment to fair value

 

 

 

(10,030

)

Balance – March 31, 2022

 

 

$

7,961

 

 

 

 

 

 

 

 

 

 

Derivative Liabilities

 

Balance – December 31, 2021

 

 

$

1,358

 

Gain adjustment to fair value

 

 

 

(980

)

Balance – March 31, 2022

 

 

$

378