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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of assets at fair value on recurring basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):

			Level 1						Level 2						Level 3						Total
Assets
Cash and cash equivalents (1)			$	5,877					$	—					$	—					$	5,877
Total fair value of assets measured on a recurring basis			$	5,877					$	—					$	—					$	5,877
Liabilities
Warrants (2)			$	—					$	—					$	13,730					$	13,730
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	13,730					$	13,730

(1) Represents the cash and cash equivalents and restricted cash and restricted investments that were held in money market funds as of December 31, 2020.

(2) Represents the fair value of 1,513,786 shares issuable under the warrant agreements discussed in Note 10.

Summary of liabilities at fair value on recurring basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):

			Level 1						Level 2						Level 3						Total
Assets
Cash and cash equivalents (1)			$	5,877					$	—					$	—					$	5,877
Total fair value of assets measured on a recurring basis			$	5,877					$	—					$	—					$	5,877
Liabilities
Warrants (2)			$	—					$	—					$	13,730					$	13,730
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	13,730					$	13,730

(1) Represents the cash and cash equivalents and restricted cash and restricted investments that were held in money market funds as of December 31, 2020.

(2) Represents the fair value of 1,513,786 shares issuable under the warrant agreements discussed in Note 10.

Changes in contingent consideration measured at fair value

The changes in our liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value for the six months ended June 30, 2021 and 2020 are as follows (in thousands):

			For the Six Months Ended June 30,
			2021						2020
Balance as of beginning of period			$	13,730					$	16,975
Settlements			(13,730)						(3,500)
Realized and unrealized gains (losses), net			—						(4,975)
Balance as of end of period			$	—					$	8,500

Valuation techniques and significant unobservable inputs of Level 3 fair value measurements

The following table summarizes the fair value (in thousands), valuation techniques and significant unobservable inputs of our Level 3 fair value measurements as of December 31, 2020:

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Warrants

$

13,730

Black-Scholes

Stock price volatility

62.2

%

Annual risk free rate

0.2

%

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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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-Section 50
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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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

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