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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


		March 31, 2023
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	23,204			$	—			$	—			$	23,204
Total cash equivalents			23,204				—				—				23,204
Short-term investments:
Commercial paper			—				7,799				—				7,799
U.S. Government sponsored entities - mortgage-backed securities			—				1,977				—				1,977
Total short-term investments			—				9,776				—				9,776
Total assets measured at fair value		$	23,204			$	9,776			$	—			$	32,980


		December 31, 2022
		Level 1				Level 2				Level 3				Total
Liabilities:
Convertible promissory notes		$	—			$	—			$	5,157			$	5,157
Preferred Warrants liability			—				—				1,453				1,453
Convertible Promissory Note Warrants liability			—				—				1,192				1,192
Total liabilities measured at fair value		$	—			$	—			$	7,802			$	7,802

Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs

The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2023 (in thousands):


Convertible Promissory Note liability
Balance at December 31, 2022		$	5,157
Change in Fair Value of Convertible Promissory Notes			(2,022	)
Accrued Interest			110
Conversion of Convertible Promissory Notes to equity			(3,245	)
Balance at March 31, 2023		$	—

Preferred Warrant liability
Balance at December 31, 2022		$	1,453
Change in Fair Value of Preferred Warrants			(795	)
Conversion of warrant liability to equity			(658	)
Balance at March 31, 2023		$	—

Convertible Promissory Note Warrants liability
Balance at December 31, 2022		$	1,192
Change in Fair Value of Convertible Promissory Note Warrants			(351	)
Conversion of Convertible Promissory Note Warrants liability to equity			(841	)
Balance at March 31, 2023		$	—