Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of June 30, 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)

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

484

 

 

$

484

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

118,207

 

 

 

118,207

 

 

 

 

 

 

 

Total assets

 

$

118,909

 

 

$

118,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

21,232

 

 

 

 

 

 

 

 

$

21,232

 

Derivative liability

 

 

196

 

 

 

 

 

 

 

 

 

196

 

Total liabilities

 

$

21,428

 

 

 

 

 

 

 

 

$

21,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 liability

 

 

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

 

April 2022 Public Offering warrant issuance

 

 

 

24,704

 

Loan Agreement warrants

 

 

 

(71

)

Gain adjustment to fair value

 

 

 

(21,463

)

Balance – June 30, 2022

 

 

$

21,232

 

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance – December 31, 2021

 

 

$

1,358

 

Gain adjustment to fair value

 

 

 

(1,162

)

Balance – June 30, 2022

 

 

$

196