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Investments and Fair Value Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments And Fair Value Instruments [Abstract] |
Summary of Amortized Cost and Fair Value of Investment Securities Portfolio | The following tables summarize the amortized cost and fair value of the investment securities portfolio at September 30, 2022 and December 31, 2021.
(Dollars in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 20,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,477 |
Total Assets at Fair Value |  | $ | 20,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,477 |
(Dollars in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 26,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,842 |
Total Assets at Fair Value |  | $ | 26,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,842 |
Summary of Fair Value of Investment Securities | The fair value of the investment securities at September 30, 2022 were as follows:
|  | Fair Value Measurements at September 30, 2022 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 20,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,477 |
Total Assets at Fair Value |  | $ | 20,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,477 |
The fair value of the investment securities at December 31, 2021 were as follows:
|  | Fair Value Measurements at December 31, 2021 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 26,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,842 |
Total Assets at Fair Value |  | $ | 26,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,842 |
Summary of Preferred Investment Option Liabilities Measured and Recorded on Recurring Basis using Black-Scholes Model | The preferred investment option liabilities were measured and recorded on a recurring basis using the Black-Scholes Model with the following assumptions at September 30, 2022:
|  | August 2022 Options |  | August 2022 Placement Agent Options |
Remaining term (in years) |  |  | 4.92 |  |  | 4.92 |
Expected volatility |  |  | 128.5 | % |  | 128.5 | %
Risk-free interest rate |  |  | 4.1 | % |  | 4.1 | %
Expected dividend yield |  |  | 0 | % |  | 0 | %
Summary of Changes in Fair Value and Other Adjustments of Liabilities | The following table sets forth the establishment of the Company’s Level 3 liabilities, as well as a summary of the changes in the fair value and other adjustments (in thousands):
(Dollars in thousands) |  | Common Stock Warrant Liability - March 2018 Purchase Agreement |  |  | Common Stock Warrant Liability - June 2019 Offering |  |  | Common Stock Warrant Liability - September 2019 Offering |  |  | Common Stock Warrant Liability - January 2021 Offering |  |  | August 2022 Options |  |  | August 2022 Placement Agent Options |  |  | Contingent Liabilities |  |  | Total |
Balance as of December 31, 2021 |  | $ | 7 |  |  | $ | 170 |  |  | $ | 223 |  |  | $ | 2,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,070 |  |  | $ | 5,463 |
Reclassification upon adoption of ASU 2020-06 |  |  | (7 | ) |  |  | (170 | ) |  |  | (223 | ) |  |  | (2,993 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,392 | )
Initial recognition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,824 |  |  |  | 191 |  |  |  | — |  |  |  | 4,015 |
Change in fair value and other adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,791 | ) |  |  | (89 | ) |  |  | (70 | ) |  |  | (1,950 | )
Balance as of September 30, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,033 |  |  | $ | 102 |  |  | $ | 2,000 |  |  | $ | 4,135 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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