Fair Value Measurements (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Fair Value Disclosures [Abstract] |
|
|
| Schedule of Fair Value Hierarchy Valuation Inputs |
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30,
2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value:
Schedule
of Fair Value Hierarchy Valuation Inputs
| (in thousands) | |
Level | | |
June
30, 2023 | | |
December
31, 2022 | |
| Assets: | |
| | | |
| | | |
| | |
| Investment, related party | |
| 1 | | |
$ | 5,935 | | |
$ | 10,548 | |
| Liabilities: | |
| | | |
| | | |
| | |
| Contingent Consideration | |
| 3 | | |
$ | 2,300 | | |
$ | 2,400 | |
| Warrant liability – 2022 Purchase Warrants | |
| 3 | | |
$ | 668 | | |
$ | 1,129 | |
| Warrant liability - 2022 Inducement Warrants | |
| 3 | | |
$ | 772 | | |
$ | 1,714 | |
| Warrant liability | |
| 3 | | |
$ | 772 | | |
$ | 1,714 | |
| | |
| | | |
| | | |
| | |
|
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis and indicates
the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Schedule
of Fair Value Hierarchy Valuation Inputs
| (in thousands) | |
Level | | |
December
31, 2022 | | |
December
31, 2021 | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | |
| Investment, related party | |
| 1 | | |
$ | 10,548 | | |
$ | - | |
| Liabilities: | |
| | | |
| | | |
| | |
| Contingent Consideration | |
| 3 | | |
$ | 2,400 | | |
$ | 6,200 | |
| Warrant liability – 2021 Purchase Warrants | |
| 3 | | |
$ | - | | |
$ | 12,854 | |
| Warrant liability – 2022 Purchase Warrants | |
| 3 | | |
$ | 1,129 | | |
$ | - | |
| Warrant liability - Purchase Warrants | |
| 3 | | |
$ | 1,129 | | |
$ | - | |
| Warrant liability – 2022 Inducement Warrants | |
| 3 | | |
$ | 1,714 | | |
$ | - | |
| Warrant liability | |
| 3 | | |
$ | 1,714 | | |
$ | - | |
|
| Schedule of Fair Value of Contingent Consideration |
The
following table provides a roll forward of the fair value of the contingent consideration:
Schedule
of Fair Value of Contingent Consideration
| (in thousands) | |
| |
| Balance at December 31, 2022 | |
$ | 2,400 | |
| Change in fair value of contingent consideration | |
| (100 | ) |
| Balance at June 30, 2023 | |
$ | 2,300 | |
| | |
| | |
| Balance at December 31, 2021 | |
$ | 6,200 | |
| Change in fair value of contingent consideration | |
| (1,900 | ) |
| Balance at June 30, 2022 | |
$ | 4,300 | |
|
The
following table provides a roll forward of the fair value of the contingent consideration:
Schedule
of Fair Value of Contingent Consideration
| (in thousands) | |
| |
| Balance at December 31, 2020 | |
$ | 7,602 | |
| Change in fair value of contingent consideration | |
| (1,402 | ) |
| Balance at December 31, 2021 | |
$ | 6,200 | |
| Change in fair value of contingent consideration | |
| (3,800 | ) |
| Balance at December 31, 2022 | |
$ | 2,400 | |
|
| Schedule of Fair Value Warrant by Using Black-Scholes Pricing Model Assumptions |
The
fair value at June 30, 2023 was estimated using a Black-Scholes pricing model based on the following assumptions:
Schedule
of Fair Value Warrant by Using Black-Scholes Pricing Model Assumptions
| | |
Purchase | | |
Inducement | |
| Stock price | |
$ | 10.40 | | |
$ | 10.40 | |
| Expiration term (in years) | |
| 4.38 | | |
| 3.42 | |
| Volatility | |
| 90.0 | % | |
| 85.0 | % |
| Risk-free Rate | |
| 4.20 | % | |
| 4.37 | % |
| Dividend yield | |
| 0.0 | % | |
| 0.0 | % |
|
The
fair value at issuance was estimated using a Black-Scholes pricing model based on the following assumptions at December 1, 2021 for the
2021 Purchase Warrants, May 16, 2022 for the Purchase Warrants and July 26, 2022 for the Inducement Warrants:
Schedule
of Fair Value Warrant by Using Black-Scholes Pricing Model Assumptions
| |
|
2021 Purchase | |
|
Purchase | | |
Inducement | |
| Stock price |
|
$ |
86.60 | |
|
$ | 52.40 | | |
$ | 32.80 | |
| Expiration term (in years) |
|
|
5 | |
|
| 5.50 | | |
| 4.34 | |
| Volatility |
|
|
60.0 | % |
|
| 65.0 | % | |
| 70.0 | % |
| Risk-free Rate |
|
|
1.15 | % |
|
| 2.83 | % | |
| 2.84 | % |
| Dividend yield |
|
|
0.0 | % |
|
| 0.0 | % | |
| 0.0 | % |
The fair value was estimated using Black-Scholes
pricing model based on the following assumptions as of December 31, 2021:
| |
|
2021
Purchase |
|
| Stock price |
|
$ |
150.40 |
|
| Expiration term (in years) |
|
|
4.92 |
|
| Volatility |
|
|
60.0 |
% |
| Risk-free Rate |
|
|
1.25 |
% |
| Dividend yield |
|
|
0.0 |
% |
The
fair value was estimated using Black-Scholes pricing model based on the following assumptions as of December 31, 2022 (outstanding warrants
were all issued during 2022):
| | |
Purchase | | |
Inducement | |
| Stock price | |
$ | 18.40 | | |
$ | 18.40 | |
| Expiration term (in years) | |
| 4.88 | | |
| 3.92 | |
| Volatility | |
| 70 | % | |
| 75 | % |
| Risk-free Rate | |
| 3.96 | % | |
| 4.07 | % |
| Dividend yield | |
| 0.0 | % | |
| 0.0 | % |
| Dividend yield | |
| 0.0 | % | |
| 0.0 | % |
|
| Schedule of Changes in Fair Value Warrant Liabilities |
The
following table presents the changes in the warrant liabilities measured at fair value (in thousands):
Schedule
of Changes in Fair Value Warrant Liabilities
| | |
2023 | | |
2022 | |
| | |
Six Months
Ended June 30, | |
| | |
2023 | | |
2022 | |
| Fair value at beginning of period | |
$ | 2,843 | | |
$ | 12,854 | |
| Issuance of new derivative liabilities | |
| - | | |
| 9,274 | |
| Change in fair value of warrant liability | |
| (1,403 | ) | |
| (14,082 | ) |
| Fair value at end of period | |
$ | 1,440 | | |
$ | 8,046 | |
|
The
following table presents the changes in the warrant liabilities measured at fair value (in thousands):
Schedule
of Changes in Fair Value Warrant Liabilities
| | |
December
31, 2022 | |
|
December
31, 2021 | |
| Fair value at beginning of year | |
$ | 12,854 | |
|
$ | - | |
| Issuance of new warrants | |
| 13,217 | |
|
| 12,261 | |
| Exercise of warrants | |
| (6,840 | ) |
|
| (12,208 | ) |
| Change in fair value of warrant liability | |
| (19,017 | ) |
|
| 12,801 | |
| Warrant inducement expense | |
| 2,629 | |
|
| - | |
| Fair value at end of year | |
$ | 2,843 | |
|
| 12,854 | |
|