| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
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Active |
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Observable |
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Unobservable |
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Markets |
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Inputs |
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Inputs |
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Description |
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March 31, 2023 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Assets: |
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Cash |
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$ |
104,765 |
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$ |
104,765 |
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$ |
— |
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|
$ |
— |
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Corporate debt securities - due in one year or less |
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9,192 |
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|
— |
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9,192 |
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|
— |
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Municipal bonds |
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2,809 |
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|
— |
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|
|
2,809 |
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|
|
— |
|
US Treasury obligation - due in one year or less |
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49,037 |
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49,037 |
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|
— |
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|
|
— |
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Total |
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$ |
165,803 |
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|
$ |
153,802 |
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|
$ |
12,001 |
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|
$ |
— |
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Liabilities: |
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Warrant liabilities |
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$ |
15,607 |
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$ |
— |
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$ |
— |
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$ |
15,607 |
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Total |
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$ |
15,607 |
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$ |
— |
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|
$ |
— |
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|
$ |
15,607 |
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Active |
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Observable |
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Unobservable |
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Markets |
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Inputs |
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|
Inputs |
|
Description |
|
December 31, 2022 |
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|
(Level 1) |
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(Level 2) |
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|
(Level 3) |
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Assets: |
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|
|
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Cash |
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$ |
167,467 |
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|
$ |
167,467 |
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|
$ |
— |
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|
$ |
— |
|
Corporate debt securities - due in one year or less |
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|
22,320 |
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|
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— |
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|
22,320 |
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|
— |
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Commercial paper |
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2,491 |
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— |
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2,491 |
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— |
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Municipal bonds |
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|
6,038 |
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— |
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|
6,038 |
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— |
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US Treasury obligation - due in one year or less |
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|
3,988 |
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|
3,988 |
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|
|
— |
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|
|
— |
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Total |
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$ |
202,304 |
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$ |
171,455 |
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|
$ |
30,849 |
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|
$ |
— |
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Liabilities: |
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Warrant liabilities |
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$ |
24,472 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
24,472 |
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Total |
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$ |
24,472 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
24,472 |
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| Summary of Changes in Level 3 Warrant Liability Measured at Fair Value on Recurring Basis |
The following table reflects the change in the Company’s Level 3 warrant liability for the three months ended March 31, 2023 and the year ended December 31, 2022 (in thousands):
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March 31, 2023 |
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|
December 31, 2022 |
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Fair value of warrant liabilities as of beginning of year |
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$ |
24,472 |
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|
|
$ |
3,029 |
|
Warrants issued in connection with 2022 Private Placement |
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|
— |
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|
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64,664 |
|
Change in fair value |
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|
(8,865 |
) |
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|
|
(43,221 |
) |
Fair value of warrant liabilities as of end of period |
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$ |
15,607 |
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|
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$ |
24,472 |
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