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Fair Value Measurement of Assets and Liabilities | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands):
| December 31, 2022 |  | December 31, 2021
| Total Fair Value |  | Level 3 |  | Level 1 |  | Total Fair Value |  | Level 3 |  | Level 1
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 126 |
Total assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 126 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
2025 Notes |  |  |  |  |  |  |  |  |  |  |
Interest make-whole payment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 926 |  |  | $ | 926 |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 926 |  |  | $ | 926 |  |  | $ | — |
During the years ended December 31, 2022 and 2021, there were no transfers between the levels within the fair value hierarchy. The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model with the following key assumptions:
| December 31, 2022 |  | December 31, 2021
Volatility | 50 | % |  | 50 | %
Stock price | $0.84 per share |  | $5.83 per share
Credit spread | 56.52 | % |  | 15.93 | %
Term | 2.34 years |  | 3.34 years
Dividend yield | — | % |  | — | %
Risk-free rate | 4.35 | % |  | 1.02 | %
The estimated fair value of the interest make-whole derivative liability at December 31, 2022 and December 31, 2021 was determined using assumptions which include an implied credit spread rate for notes with a similar term, the expected volatility and dividend yield of the Company’s common stock and the risk-free interest rate. During the year ended December 31, 2022, there were no conversions of the 3.25% convertible senior notes due 2025 (the “2025 Notes”) into shares of the Company’s common stock. During the year ended December 31, 2021, certain holders of the 2025 Notes converted an aggregate of approximately $5.0 million in principal amount of the 2025 Notes into shares of the Company’s common stock in accordance with the terms of such notes and a portion of the embedded derivative was settled in shares of the Company’s common stock resulting in $0.1 million of the derivative liability being extinguished upon conversion. There was a $0.9 million reduction in the fair value of the interest make-whole liability for the year ended December 31, 2022. For the years ended December 31, 2021 and 2020, the Company recorded a $3.8 million gain and a $0.6 million loss, respectively, as a result of the changes in fair value of the interest make-whole liability. Other Financial Instruments The carrying values of the Company’s other financial assets and liabilities approximate their fair values because of their short-term nature, with the exception of the 2025 Notes. The 2025 Notes are carried at amortized cost, adjusted for changes in fair value of the embedded derivative.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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