Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
FAIR VALUE MEASUREMENTS  
Schedule of financial assets and liabilities measured at fair value on a recurring basis

    

 December 31, 2022

($’s in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

  

  

  

  

Cash and cash equivalents

$

32,003

$

$

$

32,003

Total

$

32,003

$

$

$

32,003

December 31, 2021

($’s in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

Cash and cash equivalents

$

49,081

$

$

$

49,081

Total

$

49,081

$

$

$

49,081

Schedule of roll-forward of changes in fair value of Level 3 financial instruments

    

Warrant

($in thousands)

    

liabilities

Fair value at December 31, 2020

$

Additions:

 

  

Contingent payment warrant

 

3,819

Placement agent warrant (see note 15)

 

362

Change in fair value of warrant liabilities:

Contingent payment warrant

(139)

Placement agent warrant

586

Settlement of warrant liabilities in connection with IPO:

  

Conversion of contingent payment warrants to common shares

(3,680)

Conversion of placement agent warrants to common shares

(948)

Fair value at December 31, 2021

$

Fair value at December 31, 2022

$

Placement Agent Warrants  
FAIR VALUE MEASUREMENTS  
Schedule of weighted average significant unobservable inputs used in measuring liabilities

Risk-free interest rate

    

0.98

%

Expected dividend yield

 

Expected term in years

 

1.0

Expected volatility

 

50

%