| 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, 2022 and December 31, 2021 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, 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
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$
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45,510
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$
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45,510
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—
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$
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—
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Money market funds
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13,554
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13,554
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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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15,361
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—
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15,361
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—
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US Treasury obligation - due in one year or less
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11,859
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11,859
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—
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—
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Total
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$
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86,284
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$
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70,923
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$
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15,361
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$
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—
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Liabilities:
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Warrant liability
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$
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425
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$
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—
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$
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—
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$
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425
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Total
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$
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425
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$
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—
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$
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—
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$
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425
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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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December 31, 2021
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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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$
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57,213
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$
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57,213
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$
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—
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$
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—
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Money market funds
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35,089
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35,089
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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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30,088
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—
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30,088
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—
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US Treasury obligation - due in one year or less
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7,979
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7,979
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—
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—
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US Treasury obligation - due in more than one year to five years
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3,986
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3,986
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—
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—
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Corporate debt securities - due in more than one year to five years
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9,052
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—
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9,052
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—
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Total
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$
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143,407
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$
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104,267
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$
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39,140
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$
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—
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Liabilities:
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Warrant liability
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$
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3,029
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$
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—
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$
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—
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$
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3,029
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Total
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$
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3,029
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$
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—
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$
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—
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$
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3,029
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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, 2022 and the year ended December 31, 2021 (in thousands):
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June 30, 2022
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December 31, 2021
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Fair value of warrant liability as of beginning of the period
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$
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3,029
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$
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19,711
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Change in fair value
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(2,604
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)
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(16,682
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)
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Fair value of warrant liability as of end of the period
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$
|
425
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$
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3,029
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