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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024:

			Level 3
(In thousands)			Contingent liabilities						Warrants						Total
Balance at January 1, 2024			$	996					$	5,548					$	6,544
Total change in foreign exchange			10						—						10
Warrant liability fair value adjustment			—						7,392						7,392
Change due to warrant exercise			—						(106)						(106)
Change due to liability payment			(221)						—						(221)
Balance at September 30, 2024			$	785					$	12,834					$	13,619

Schedule of Fair Value Assumptions for Warrants

The fair value of the preferred and common warrants at September 30, 2024 and December 31, 2023 was determined by using option pricing models assuming the following:

			September 30, 2024						December 31, 2023
Risk free interest rate			4.87%						4.09%
Expected term (years)			0.2						2.3
Expected volatility			61%						70%
Expected dividends			0.00%						0.00%

Schedule of Financial Assets and Liabilities Measured 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, 2024 and December 31, 2023 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.

						September 30, 2024
(In thousands)						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds						$	1					$	—					$	—					$	1
U.S. government agency bonds						—						5,677						—						5,677
Total Assets						$	1					$	5,677					$	—					$	5,678
Liabilities:
Contingent Liability						$	—					$	—					$	785					$	785
Warrant Liabilities						—						—						12,834						12,834
Total Liabilities						$	—					$	—					$	13,619					$	13,619

						December 31, 2023
(In thousands)						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds						$	392					$	—					$	—					$	392
U.S. government agency bonds						—						19,808						—						19,808
Total Assets						$	392					$	19,808					$	—					$	20,200
Liabilities:
Contingent Liability						$	—					$	—					$	996					$	996
Warrant Liabilities						—						—						5,548						5,548
Total Liabilities						$	—					$	—					$	6,544					$	6,544

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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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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-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.

+ References

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-Topic 860
-SubTopic 20
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