| 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 June 30, 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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June 30, 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 and cash equivalents: |
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Cash and money market funds |
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$ |
115,442 |
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$ |
115,442 |
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$ |
— |
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$ |
— |
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Marketable securities: |
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Commercial paper |
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12,435 |
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12,435 |
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— |
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— |
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Municipal bonds |
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1,139 |
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— |
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1,139 |
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— |
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US Treasury obligation - due in one year or less |
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14,966 |
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14,966 |
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— |
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— |
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Total: |
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$ |
143,982 |
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$ |
142,843 |
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$ |
1,139 |
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$ |
— |
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Liabilities: |
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Warrant liabilities |
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$ |
18,712 |
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$ |
— |
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$ |
— |
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$ |
18,712 |
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Total |
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$ |
18,712 |
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$ |
— |
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$ |
— |
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$ |
18,712 |
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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 |
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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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Cash and cash equivalents: |
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Cash and money market funds |
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$ |
167,467 |
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$ |
167,467 |
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$ |
— |
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$ |
— |
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Marketable securities: |
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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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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 six months ended June 30, 2023 and the year ended December 31, 2022 (in thousands):
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June 30, 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 |
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Warrants issued in connection with 2022 Private Placement |
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— |
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64,664 |
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Change in fair value |
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(5,760 |
) |
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(43,221 |
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Fair value of warrant liabilities as of end of period |
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$ |
18,712 |
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$ |
24,472 |
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