XML 44 R32.htm IDEA: XBRL DOCUMENT v3.23.3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measurements on a Recurring Basis

As of September 30, 2023 and December 31, 2022, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows (in thousands):

			September 30, 2023															December 31, 2022
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets
Cash equivalents			$	60,349		$	129,261		$	—		$	189,610					$	51,250		$	—		$	—		$	51,250
Restricted cash equivalents - current			33,277			—			—			33,277						68,850			—			—			68,850
Restricted cash equivalents - noncurrent			151,513			—			—			151,513						94,781			—			—			94,781
Investments:
Commercial paper, available for sale			—			9,866			—			9,866						—			32,756			—			32,756
Corporate Bonds, available for sale			—			—			—			—						—			58,442			—			58,442
US Treasury Notes, Available for sale			2,160			—			—			2,160						—			—			—			—
Municipal bonds, available for sale			—			—			—			—						—			7,394			—			7,394
Total investments			$	2,160		$	9,866		$	—		$	12,026					$	—		$	98,592		$	—		$	98,592
Liabilities
Warrant liability:
RTI warrants			$	—		$	—		$	2,185		$	2,185					$	—		$	—		$	3,670		$	3,670
Private warrants			—			—			493			493						—			—			784			784
Series A warrants			—			35,536			—			35,536						—			51,429			—			51,429
Total warrant liability			$	—		$	35,536		$	2,678		$	38,214					$	—		$	51,429		$	4,454		$	55,883

Fair Value Measurement Inputs

The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. The private warrants are classified as Level 3 and were valued using the following assumptions:

			September 30, 2023						December 31, 2022
Expected annual dividend yield			—		%				—		%
Expected volatility			101.1		%				105.1		%
Risk-free rate of return			4.9		%				4.2		%
Expected option term (years)			2.5						3.2

The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions:

			September 30, 2023						December 31, 2022
Expected annual dividend yield			—		%				—		%
Expected volatility			89.5		%				99.7		%
Risk-free rate of return			5.3		%				4.4		%
Expected option term (years)			1.3						2.0

Level 3 Liabilities Measured at Fair Value

A summary of the private warrants activity from December 31, 2022 to September 30, 2023 is as follows:

			Fair value (Level 3)
Balance at December 31, 2022			$	784
Change in fair value			(291)
Balance at September 30, 2023			$	493

Changes in Level 3 liabilities measured at fair value from December 31, 2022 to September 30, 2023 are as follows (in thousands):

			Fair value (Level 3)
Balance at December 31, 2022			$	3,670
Change in fair value			(1,485)
Balance at September 30, 2023			$	2,185

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration