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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Level 3 Investments The table below presents activity within Level 3 of the fair value hierarchy, our liabilities carried at fair value for the six months ended June 30, 2023:
Level 3
(In thousands)Contingent
liabilities
WarrantsTotal
Balance at January 1, 2023$1,280 $— $1,280 
Total change in foreign exchange24  24 
Fair value of the warrant liability issued— 4,940 4,940 
Warrant liability fair value adjustment— (1,160)(1,160)
Balance at June 30, 2023$1,304 $3,780 $5,084 
Schedule of Fair Value Warrants The fair value of the preferred and common warrants at June 30, 2023 and March 29, 2023 was determined by using option pricing models assuming the following:
March 29, 2023June 30, 2023
Risk free interest rate
3.80% - 4.80%
4.39% - 5.29%
Expected term (years)
0.5 - 3.0
0.3 - 2.8
Expected volatility
70% - 75%
65% - 70%
Expected dividends0.00 %0.00 %
Schedule of Financial Assets Carried at Fair Value The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of June 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. In general, the fair values were determined using Level 3:
(In thousands)
Quoted Prices in
Active Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
June 30,
2023
Liabilities:    
Contingent liability$— $— $1,304 $1,304 
Warrant liability— — 3,780 3,780 
Total liabilities$— $— $5,084 $5,084 
(In thousands)Quoted Prices in
Active Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
December 31,
2022
Liabilities:    
Contingent liability$— $— $1,280 $1,280 
Total liabilities$— $— $1,280 $1,280