Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands): 
  December 31, 2022
Fair Value Measurements Using
Quoted prices in Significant other Significant
active markets for observable unobservable
identical assets inputs inputs
(Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 12,133  $ —  $ — 
Liabilities
Derivative liability $ —  $ —  $ 4,830 

  December 31, 2021
Fair Value Measurements Using
Quoted prices in Significant other Significant
active markets for observable unobservable
identical assets inputs inputs
(Level 1) (Level 2) (Level 3)
Assets               
Investments in money market funds* $ 54,010  $ —  $ — 
*Investments in money market funds are reflected in cash and cash equivalents on the accompanying consolidated balance sheets.
Summary of Changes in the Fair Value of the Level 3 Valuation
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the derivative liability for the years ended December 31, 2022 and 2021:
  Derivative liability
Balance at December 31, 2021 $ — 
Initial valuation of derivative liability 4,830 
Change in fair value of derivative liability — 
Balance at December 31, 2022 $ 4,830