Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Assets measured or disclosed at fair value on a recurring basis as of December 31, 2022 and 2021 are summarized below:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2022
Assets:
Money market	$	52,442	—		—		$	52,442
	$	52,442	$	—	$	—	$	52,442

Liabilities:
Derivative liability	—		—		$	760	$	760
	$	—	$	—	$	760	$	760


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Assets:
Money market	$	42,918	—		—		$	42,918
	$	42,918	$	—	$	—	$	42,918

Liabilities:
Derivative liability	—		—		$	1,820	$	1,820
	$	—	$	—	$	1,820	$	1,820

The following table provides a roll-forward of the fair value of the derivative liability (in thousands):


Balance at December 31, 2021	$	1,820
Change in fair value of derivative liability, recorded as other income	(1,060)
Balance at December 31, 2022	$	760