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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 (in thousands):

			Balance at September 30, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Liabilities:
Warrant liability, related party (1)(2)			$	82					$	—					$	—					$	82
Warrant liability			$	44					$	—					$	—					$	44
Total			$	126					$	—					$	—					$	126

			Balance at December 31, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Liabilities:
Warrant liability, related party (1)			$	110					$	—					$	—					$	110
Total			$	110					$	—					$	—					$	110

_____________________________

(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.
(2)			CinRx is no longer deemed to be a related party. As a result the CinRx Warrants are no longer included.

			Changes in Level 3 instruments for the nine months ended September 30, 2024
			Balance at January 1, 2024						Net Change in fair value included in earnings						Purchases / Issuance						Sales / Repurchases						Reclass						Balance at September 30, 2024
2024
Warrant liability, related party (1)			$	110					$	173					$	—					$	—					$	(201)					$	82
Warrant liability			$	—					$	(157)					$	—					$	—					$	201					$	44
Total			$	110					$	16					$	—					$	—					$	—					$	126
2023
Warrant liability, related party			$	684					$	(406)					$	—					$	—					$	—					$	278
Total			$	684					$	(406)					$	—					$	—					$	—					$	278

(1) CinRx is no longer deemed to be a related party. As a result the CinRx Warrants are no longer included.

Fair Value Measurement Inputs and Valuation Techniques

Significant inputs utilized in the valuation of the Letter Agreement Warrants as of September 30, 2024 and December 31, 2023, were:

			September 30, 2024									December 31, 2023
			Range			Weighted Average						Range			Weighted Average
Expected volatility			95.13% - 124.70%			109.42%						79.96% - 89.61%			81.55%
Risk-free interest rate			3.64% - 4.85%			3.79%						4.01% - 4.87%			4.15%

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, 2024, were:

Expected volatility			98.2		%
Expected life of options in years			2.75
Risk-free interest rate			3.6		%
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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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/2009/role/commonPracticeRef
-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

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-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

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