Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):

 

December 31, 2021

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (cash equivalents)

 

 

41,859

 

 

 

 

 

 

 

 

 

41,859

 

Restricted cash (Note 11)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total assets

 

$

41,909

 

 

$

 

 

$

 

 

$

41,909

 

 

December 31, 2020

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (cash equivalents)

 

 

35,380

 

 

 

 

 

 

 

 

 

35,380

 

Restricted cash (Note 11)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total assets

 

$

35,430

 

 

$

 

 

$

 

 

$

35,430

 

Summary of Cash and Cash Equivalents

Cash and cash equivalents (in thousands):

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2021

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market securities

 

 

41,859

 

 

 

 

 

 

 

 

 

41,859

 

Total cash and cash equivalents

 

$

41,859

 

 

$

 

 

$

 

 

$

41,859

 

Money market securities (restricted cash)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total restricted cash

 

$

50

 

 

$

 

 

$

 

 

$

50

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2020

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market securities

 

 

35,380

 

 

 

 

 

 

 

 

 

35,380

 

Total cash and cash equivalents

 

$

35,380

 

 

$

 

 

$

 

 

$

35,380

 

Money market securities (restricted cash)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total restricted cash

 

$

50

 

 

$

 

 

$

 

 

$

50

 

Schedule of Aggregate Fair Value of Principal Amount of Convertible Debt The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Principal

 

 

Carrying

 

 

Fair

 

 

Principal

 

 

Carrying

 

 

Fair

 

 

 

Amount

 

 

Value

 

 

Value

 

 

Amount

 

 

Value

 

 

Value

 

December 2021 Convertible Debt

 

$

15,000

 

 

$

14,920

 

 

$

15,204

 

 

$

 

 

$

 

 

$

 

 

As of December 31, 2021, the Convertible Debt balance was comprised of the following:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2021

 

Convertible Debt Information

 

 

 

 

Principal

 

$

15,000

 

Transaction Costs

 

$

(109

)

Accrued paid-in-kind interest

 

 

29

 

 

 

 

14,920