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Investments and Fair Value Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income:
(Dollars in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 8,672 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,672 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | 5,002 |  |  |  | 87 |  |  |  | — |  |  |  | 5,089 |
Total Assets at Fair Value |  | $ | 13,674 |  |  | $ | 87 |  |  | $ | — |  |  | $ | 13,761 |
(Dollars in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 18,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,620 |
Total Assets at Fair Value |  | $ | 18,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,620 |
Summary of Fair Value of Investment Securities | The fair value of the investment securities at September 30, 2023 were as follows:
|  | Fair Value Measurements at September 30, 2023 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 8,672 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,672 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | 5,089 |  |  |  | — |  |  |  | — |  |  |  | 5,089 |
Total Assets at Fair Value |  | $ | 13,761 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,761 |
The fair value of the investment securities at December 31, 2022 were as follows:
|  | Fair Value Measurements at December 31, 2022 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 18,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,620 |
Total Assets at Fair Value |  | $ | 18,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,620 |
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 as of September 30, 2023 and December 31, 2022:
|  | March 2023 Options - Series A & March 2023 Placement Agent Options |  |  | March 2023 Options - Series B |  |  | August 2022 Options & August 2022 Placement Agent Options |
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Remaining term (in years) |  |  | 4.42 |  |  |  | — |  |  |  | 0.86 |  |  |  | — |  |  |  | 3.92 |  |  |  | 4.67 |
Expected volatility |  |  | 106.3 | % |  |  | — |  |  |  | 89.9 | % |  |  | — |  |  |  | 92.2 | % |  |  | 106.2 | %
Risk-free interest rate |  |  | 4.7 | % |  |  | — |  |  |  | 5.5 | % |  |  | — |  |  |  | 4.7 | % |  |  | 4.0 | %
Expected dividend yield |  |  | 0 | % |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 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) |  | March 2023 Options - Series A |  |  | March 2023 Options - Series B |  |  | March 2023 Placement Agent Options |  |  | August 2022 Options |  |  | August 2022 Placement Agent Options |  |  | Contingent Liabilities |  |  | Total |
Balance as of December 31, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 767 |  |  | $ | 39 |  |  | $ | 2,000 |  |  | $ | 2,806 |
Initial recognition |  |  | 4,324 |  |  |  | 2,274 |  |  |  | 212 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,810 |
Change in fair value and other adjustments |  |  | (2,934 | ) |  |  | (2,090 | ) |  |  | (146 | ) |  |  | (575 | ) |  |  | (35 | ) |  |  | — |  |  |  | (5,780 | )
Balance as of September 30, 2023 |  | $ | 1,390 |  |  | $ | 184 |  |  | $ | 66 |  |  | $ | 192 |  |  | $ | 4 |  |  | $ | 2,000 |  |  | $ | 3,836 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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
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- 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
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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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