Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of Fair Value Assumptions These two types of inputs have created the following
fair-value hierarchy:
Level 1:
Quoted prices for identical instruments in active markets;
Level 2:
Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3:
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The following table presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM as of March 31, 2023 and December 31, 2022:
March 31,
2023		 December 31, 2022
Fair value per share $ 0.53  $ 0.17 
Warrants outstanding 7,732,168  7,732,168 
Exercise price $ 11.50  $ 11.50 
Common stock price $ 3.03  $ 1.98 
Expected option term (years) 3.42 years 3.67 years
Expected volatility 66.90  % 60.70  %
Risk-free rate of return 3.70  % 4.10  %
Expected annual dividend yield —  % —  %
Schedule of Supplemental Cash Flow Information
The table below presents supplemental cash flow information during the following periods:
Three Months Ended
March 31, 2023 March 31, 2022
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest
 $ 2,069  $ 1,409 
Non-Cash Investing and Financing Activities:
Capital expenditures not yet paid
 $ 928  $ 1,213 
Schedule of Property, Plant and Equipment, net
Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
Estimated useful
life in years
Computer equipment
 3
Furniture and fixtures
 7
Laboratory equipment
3-10
Leasehold improvements
shorter of 5 or lease term
Assets subject to finance lease lease term