Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Assets/Liabilities Measured at Fair Value on Recurring Basis

Assets/Liabilities Measured at Fair Value on a Recurring Basis

Fair Value Measurement at December 31, 2022 and December 31, 2021

(in thousands)

Quoted Price in Active

Market for Identical

Significant Other

Significant

Instruments

Observable Inputs

Unobservable Inputs

Level 1

Level 2

Level 3

Total

2022

2021

2022

2021

2022

2021

2022

2021

Assets

Cash and cash equivalents

307

⁽¹⁾

23,467

21,018

—

23,774

21,100

Processa common shares

⁽²⁾

—

240

—

240

(1)

The Company held approximately, $307 in cash as of December 31, 2022, of which approximately $33 was in Canadian funds (translated into U.S. dollars). As of December 31, 2021, the Company held approximately $82, of which approximately $34 was in Canadian funds (translated into U.S. dollars).

(2)

The Company received 41 restricted common shares of Processa (PSCA). The share restriction expired in three tranches: 50%, 25% and 25% at the 6, 9 and 12 month intervals, respectively from October 30, 2020. As of December 31, 2022, the restrictions have expired.