Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Warrants to Purchase Common Stock [Member] |
|
| Schedule of revaluation of warrant liability |
|
|
|
|
|
|
|
Warrants |
|
($ in thousands) |
|
liabilities |
|
Balance at December 31, 2022 |
|
$ |
13,869 |
|
Avenue common stock warrants |
|
|
2,235 |
|
Urica placement agent warrants |
|
|
33 |
|
Change in fair value of common stock warrants - Avenue |
|
|
878 |
|
Change in fair value of common stock warrants - Checkpoint |
|
|
(7,566) |
|
Change in fair value of common stock warrants - Urica |
|
|
10 |
|
Balance at March 31, 2023 |
|
$ |
9,459 |
|
|
| Warrants to Purchase Common Stock [Member] | Checkpoint Common Stock Warrants |
|
| Schedule of revaluation of warrant liability |
|
|
|
|
|
|
Checkpoint |
|
|
Warrant |
($ in thousands) |
|
Liability |
Common Stock Warrant liabilities at December 31, 2022 |
|
$ |
11,170 |
Change in fair value of common stock warrant liabilities |
|
|
(7,566) |
Common Stock Warrant liabilities at March 31, 2023 |
|
$ |
3,604 |
|
| Warrants to Purchase Common Stock [Member] | Avenue Therapeutics, Inc [Member] |
|
| Schedule of revaluation of warrant liability |
|
|
|
|
|
|
Avenue |
|
|
Warrant |
($ in thousands) |
|
Liability |
Common Stock Warrant liabilities at December 31, 2022 |
|
$ |
2,609 |
Issuance of Avenue common warrants |
|
|
2,235 |
Change in fair value of common stock warrant liabilities |
|
|
878 |
Common Stock Warrant liabilities at March 31, 2023 |
|
$ |
5,722 |
|
| Summary of the Weighted average Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31 |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Black-Scholes model) |
|
|
(Monte Carlo simulation) |
|
Stock price |
|
$ 1.17 |
|
|
$ 1.16 |
|
Risk-free interest rate |
|
3.60 |
% |
|
4.02 |
% |
Expected dividend yield |
|
— |
|
|
— |
|
Expected term in years |
|
4.53 |
|
|
4.78 |
|
Expected volatility |
|
137 |
% |
|
93 |
% |
|
| Warrants to Purchase Common Stock [Member] | Urica |
|
| Summary of the Weighted average Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31 |
|
|
|
2023 |
|
|
2022 |
|
Risk-free interest rate |
|
4.50 |
% |
|
3.94 |
% |
Expected dividend yield |
|
— |
|
|
— |
|
Expected term in years |
|
1.2 |
|
|
1.5 |
|
Expected volatility |
|
83.4 |
% |
|
70.7 |
% |
|
| Series A Warrants | Checkpoint Common Stock Warrants |
|
| Summary of the Weighted average Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Checkpoint Series A Warrants |
|
2023 |
|
|
2022 |
|
Exercise price |
|
$ |
4.08 |
|
|
$ |
4.08 |
|
Volatility |
|
|
93.4 |
% |
|
|
89.4 |
% |
Expected life |
|
|
4.7 |
|
|
|
5.0 |
|
Risk-free rate |
|
|
3.6 |
% |
|
|
4.0 |
% |
Dividend yield |
|
|
— |
|
|
|
— |
|
|
| Series B Warrants | Checkpoint Common Stock Warrants |
|
| Summary of the Weighted average Significant Unobservable Inputs |
|
| Placement Agent Warrants [Member] | Checkpoint Common Stock Warrants |
|
| Summary of the Weighted average Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Checkpoint Placement Agent Warrants |
|
2023 |
|
|
2022 |
|
Exercise price |
|
$ |
5.41 |
|
|
$ |
5.41 |
|
Volatility |
|
|
93.4 |
% |
|
|
89.4 |
% |
Expected life |
|
|
4.7 |
|
|
|
5.0 |
|
Risk-free rate |
|
|
3.6 |
% |
|
|
4.0 |
% |
Dividend yield |
|
|
— |
|
|
|
— |
|
|