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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments Measured on Recurring Basis

Items measured at fair value on a recurring basis are the Company’s investments. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:

		Fair Value Measurements as of
		March 31, 2023 Using:
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market mutual funds		$	31,353			$	-			$	-			$	31,353
Corporate Bonds			-				3,778				-				3,778
United States Treasury securities			7,670				-				-				7,670
			39,023				3,778				-				42,801
Investments:
Commercial Paper			-				5,147				-				5,147
United States Treasury securities			228,443				-				-				228,443
Corporate Bonds			-				54,159				-				54,159
Agency Bonds			-				7,713				-				7,713
			228,443				67,019				-				295,462
Total assets		$	267,466			$	70,797			$	-			$	338,263
Liabilities:
Warrant liability		$	-			$	-			$	815			$	815
Total liabilities		$	-			$	-			$	815			$	815

		Fair Value Measurements as of
		December 31, 2022 Using:
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market mutual funds		$	90,527			$	-			$	-			$	90,527
Commercial Paper			-				3,899				-				3,899
United States Treasury Securities			3,848				-				-				3,848
Corporate Bonds			-				8,618				-				8,618
			94,375				12,517				-				106,892
Investments:
Commercial Paper			-				1,151				-				1,151
United States Treasury securities			189,444				-				-				189,444
Corporate Bonds			-				60,905				-				60,905
Agency Bonds			-				7,653				-				7,653
			189,444				69,709				-				259,153
Total assets		$	283,819			$	82,226			$	-			$	366,045

Liabilities:
Warrant liability		$	-			$	-			$	1,512			$	1,512
Total liabilities		$	-			$	-			$	1,512			$	1,512

Changes in Level 3 Liabilities Measured at Fair Value

The reconciliation of the Company’s warrant liability, which is recorded as part of Other Liabilities in the consolidated balance sheets, measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

		Warrant Liability
Balance, December 31, 2022		$	1,512
Fair value adjustments			(697	)
Balance, March 31, 2023		$	815

Level 3 Fair Value of the Private Warrants

The fair value of the warrant liability has been estimated with the following assumptions:

		March 31, 2023				December 31, 2022
Stock price		$	17.13			$	18.39
Exercise price		$	65.23			$	65.23
Expected volatility			67.38	%			71.25	%
Risk-free interest rate			4.04	%			4.14	%
Expected dividend yield			-				-
Expected life (years)			2.07				2.39
Fair value per warrant		$	1.32			$	2.45

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of derivative liabilities at fair value.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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