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FAIR VALUE MEASUREMENT | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENT | 16. FAIR VALUE MEASUREMENT Measured or disclosed at fair value on a recurring basis The Group measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, Bridge Notes and warrant liability at fair value on a recurring basis as of December 31, 2021 and 2022. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Bridge Notes are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used the Monte Carlo Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date. See Note 15. As of December 31, 2021 and 2022, information about inputs for the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follow:
|  | Fair Value Measurement as of December 31, 2021
(In thousands) |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and cash equivalents |  | $ | 480,931 |  |  | — |  |  | — |  |  | $ | 480,931 |
Restricted cash |  | 55,178 |  |  | — |  |  | — |  |  | 55,178 |
Total financial asset |  | $ | 536,109 |  |  | — |  |  | — |  |  | $ | 536,109 |
Warrant liability |  | $ | — |  |  | — |  |  | 1,105 |  |  | $ | 1,105 |
Total financial liability |  | $ | — |  |  | — |  |  | 1,105 |  |  | $ | 1,105 |
|  | Fair Value Measurement as of December 31, 2022
(In thousands) |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and cash equivalents |  | $ | 231,420 |  |  | — |  |  | — |  |  | $ | 231,420 |
Restricted cash |  | 71,197 |  |  | — |  |  | — |  |  | 71,197 |
Total financial asset |  | $ | 302,617 |  |  | — |  |  | — |  |  | $ | 302,617 |
Warrant liability |  | $ | — |  |  | — |  |  | 126 |  |  | $ | 126 |
Total financial liability |  | $ | — |  |  | — |  |  | 126 |  |  | $ | 126 |
Measured or disclosed at fair value on a recurring basis-continued The following is a reconciliation of the beginning and ending balances for Level 3 Bridge Notes during the year ended December 31, 2021:
(In thousands) |  | Bridge Notes
Balance as of January 1, 2021 |  | $ | — |
Issuance of Bridge Notes |  | 57,500 |
Changes in fair value of Bridge Notes |  | 9,861 |
Conversion as of Merger |  | (67,361) |
Balance as of December 31, 2021 |  | $ | — |
The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the year ended December 31, 2021 and 2022:
(In thousands) | Year Ended December 31,
| 2021 |  | 2022
Balance at the beginning of the year | $ | — |  |  | $ | 1,105 |
Assumed warrant liability upon Merger | 3,574 |  |  | — |
Changes in fair value | (2,469) |  |  | (979) |
Balance at end of the year | $ | 1,105 |  |  | $ | 126 |
Measured or disclosed at fair value on a nonrecurring basis The Group measured the long-lived assets using the income approach—discounted cash flow method, when events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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