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Fair Value of Financial Instruments

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 2: Fair Value of Financial Instruments

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

		September 30, 2023
		Fair Value				Level 1				Level 2				Level 3
Assets:
Money market funds (1)		$	1			$	—			$	—			$	—

Liabilities:
Warrant		$	1,003			$	—			$	—			$	1,003

		December 31, 2022
		Fair Value				Level 1				Level 2				Level 3
Assets:
Money market funds (1)		$	73			$	—			$	—			$	—
Corporate notes and commercial paper		$	1,078			$	—			$	1,078			$	—

Liabilities:
Warrants		$	2,079			$	—			$	—			$	2,079

(1)	Amounts are included in cash and cash equivalents on the condensed consolidated balance sheets.

The following tables represents the Company’s determination of fair value for its financial assets (cash equivalents and investments) (in thousands):

		September 30, 2023
						Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Cash and cash equivalents		$	689			$	—			$	—			$	689

		December 31, 2022
						Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Cash and cash equivalents		$	1,828			$	—			$	—			$	1,828
Short-term investments			1,103				—				(25	)			1,078
		$	2,931			$	—			$	(25	)		$	2,906

Note 3: Fair Value of Financial Instruments

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 and the basis for that measurement (in thousands):

		December 31, 2022
		Fair Value				Level 1				Level 2				Level 3
Assets:
Money market funds (1)		$	73			$	—			$	—			$	—
Corporate notes and commercial paper		$	1,078			$	—			$	1,078			$	—

Liabilities:
Warrant liability		$	2,079			$	—			$	—			$	2,079

		December 31, 2021
		Fair Value				Level 1				Level 2				Level 3
Money market funds (1)		$	1,159			$	1,159			$	—			$	—
Corporate notes and commercial paper		$	12,195			$	—			$	12,195			$	—

(1)

Included in cash and cash equivalents

The following table represents the Company’s determination of fair value for its financial assets (cash equivalents and investments) (in thousands):

		December 31, 2022
						Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Cash and cash equivalents		$	1,828			$	—			$	—			$	1,828
Short-term investments			1,103				—				(25	)			1,078
		$	2,931			$	—			$	(25	)		$	2,906

		December 31, 2021
						Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Cash and cash equivalents		$	5,893			$	—			$	—			$	5,893
Short-term investments			9,276				—				(9	)			9,267
Long-term investments			2,935				—				(7	)			2,928
		$	18,104			$	—			$	(16	)		$	18,088

There were no transfers in or out of Level 1 and Level 2 securities during the years ended December 31, 2022 or December 31, 2021.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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