XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Summarizes the Conclusions Reached Regarding Fair Value Measurements | The following table summarizes the conclusions reached regarding fair value measurements as of September 30, 2023 and December 31, 2022 (in thousands):
| Balance at September 30, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Equity securities with readily determinable fair value | $ | 4,387 |  |  | $ | 4,387 |  |  | $ | — |  |  | $ | — |
Total | $ | 4,387 |  |  | $ | 4,387 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liability, related party (1) | $ | 278 |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
Total | $ | 278 |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
| Balance at December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Equity securities with readily determinable fair value | $ | 1,343 |  |  | $ | 1,343 |  |  | $ | — |  |  | $ | — |
Total | $ | 1,343 |  |  | $ | 1,343 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liability, related party (1) | $ | 684 |  |  | $ | — |  |  | $ | — |  |  | $ | 684 |
Total | $ | 684 |  |  | $ | — |  |  | $ | — |  |  | $ | 684 |
_____________________________
(1) | Fair value determined using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation.
| Changes in Level 3 instruments for the three months ended September 30,
| Balance at January 1 |  | Net Change in fair value included in earnings |  | Purchases / Issuance |  | Sales / Repurchases |  | Balance at September 30,
2023 |  |  |  |  |  |  |  |  |
Warrant liability, related party | $ | 684 |  |  | $ | (406) |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
Total | $ | 684 |  |  | $ | (406) |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
2022 |  |  |  |  |  |  |  |  |
Warrant liability, related party | $ | 1,262 |  |  | $ | (221) |  |  | $ | 368 |  |  | $ | — |  |  | $ | 1,409 |
Total | $ | 1,262 |  |  | $ | (221) |  |  | $ | 368 |  |  | $ | — |  |  | $ | 1,409 |
Fair Value Measurement Inputs and Valuation Techniques | Significant inputs utilized in the valuation of the Letter Agreement Warrants as of September 30, 2023 and December 31, 2022 were:
| September 30, 2023 |  | December 31, 2022
| Range | Weighted Average |  | Range | Weighted Average
Expected volatility | 68.37% - 77.01% | 76.06% |  | 76.94% - 85.88% | 82.17%
Risk-free interest rate | 4.78% - 5.38% | 4.88% |  | 4.11% - 4.43% | 4.19%
The fair value of the CinRx Warrants was determined using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation. Significant inputs utilized in the valuation of the CinRx Warrants as of September 30, 2023 were:
Expected volatility | 82.38 | %
Expected life of options in years | 3.75
Risk-free interest rate | 4.73 | %
Expected dividend yield | — | %

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration