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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):

		September 30, 2023
		Level 1				Level 2				Level 3				Total
Financial assets:
Money market funds(1)		$	2,228			$	—			$	—			$	2,228
Long-term receivable from GCBP			—				—				4,664				4,664
Total financial assets		$	2,228			$	—			$	4,664			$	6,892
Financial liabilities:
CVR derivative liability, noncurrent		$	—			$	—			$	4,664			$	4,664
Total financial liabilities		$	—			$	—			$	4,664			$	4,664

		December 31, 2022
		Level 1				Level 2				Level 3				Total
Financial assets:
Money market funds(1)		$	21,666			$	—			$	—			$	21,666
Total financial assets		$	21,666			$	—			$	—			$	21,666
Financial liabilities:
CVR derivative liability		$	—			$	—			$	5,000			$	5,000
Total financial liabilities		$	—			$	—			$	5,000			$	5,000

(1)Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities

The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands):

		Long-term receivable				CVR derivative
		from GCBP				liability, noncurrent
Balance at December 31, 2022		$	—			$	—
Additions in the period			4,530				4,530
Changes in fair value			134				134
Balance at September 30, 2023		$	4,664			$	4,664

X

- Definition

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

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

+ 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

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No definition available.

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