Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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

 

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

(59

)

 

$

(59

)

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

68,679

 

 

 

68,679

 

 

 

 

 

 

 

Total assets

 

$

68,838

 

 

$

68,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

27,730

 

 

 

 

 

 

 

 

$

27,730

 

Derivative liability

 

 

238

 

 

 

 

 

 

 

 

 

238

 

Total liabilities

 

$

27,968

 

 

 

 

 

 

 

 

$

27,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

(14,965

)

Balance – September 30, 2022

 

 

$

27,730

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance – December 31, 2021

 

 

$

1,358

 

Gain adjustment to fair value

 

 

 

(1,120

)

Balance – September 30, 2022

 

 

$

238