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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023:

			Level 3
(In thousands)			Contingent liabilities						Warrants						Total
Balance at January 1, 2023			$	1,280					$	—					$	1,280
Total change in foreign exchange			(9)						—						(9)
Fair value of the warrant liability issued			—						4,940						4,940
Warrant liability fair value adjustment			—						8,224						8,224
Change due to warrant exercise			$	—					$	(7,391)					$	(7,391)
Balance at September 30, 2023			$	1,271					$	5,773					$	7,044

Schedule of Fair Value Warrants

The fair value of the preferred and common warrants at September 30, 2023 and March 29, 2023 was determined by using option pricing models assuming the following:

			March 29, 2023						September 30, 2023
Risk free interest rate			3.80% - 4.80%						4.80%
Expected term (years)			0.5 - 3.0						2.5
Expected volatility			70% - 75%						70%
Expected dividends			0.00%						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 September 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)						September 30, 2023
Liabilities:
Contingent liability			$	—					$	—					$	1,271					$	1,271
Warrant liability			—						—						5,773						5,773
Total liabilities			$	—					$	—					$	7,044					$	7,044
(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

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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
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- 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
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Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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-Topic 860
-SubTopic 20
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-Section 50
-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

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