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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value

Schedule of financial assets and liabilities measured at fair value

		Level 1				Level 2				Level 3				Total
		(in thousands)
March 31, 2023
Cash and Cash Equivalents - Money Market Funds		$	34,738			$	—			$	—			$	34,738
Cash and Cash Equivalents - U.S. Government Agency Bonds			—				8,088				—				8,088
Short term investments - U.S. Government Agency Bonds			—				2,986				—				2,986
Warrants		$	—			$	—			$	7,000			$	7,000
December 31, 2022
Cash and Cash Equivalents - Money Market Funds		$	95			$	—			$	—			$	95
Cash and Cash Equivalents - U.S. Government Agency Bonds			—				36,509				—				36,509
Short term investments - U.S. Government Agency Bonds			—				8,216				—				8,216
Warrants		$	—			$	—			$	4,200			$	4,200

Schedule of fair value warrants estimated using the Black-Scholes option-pricing model

		March 31, 2023				December 31, 2022
		Values				Values
Stock Price		$	2.03			$	2.93
Strike price		$	11.50			$	11.50
Holding Period/Term (years)			3.58				3.82
Volatility			102.00	%			62.00	%
Expected dividends			None				None
Risk-Free Rate			3.75	%			4.13	%
Fair value of warrants		$	0.80			$	0.48

Schedule of liabilities measured at fair value

Warrants:		(in thousands)
Balance as of December 31, 2022		$	4,200
Fair value adjustment of Private Placement Warrants			2,800
Balance as of March 31, 2023		$	7,000

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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