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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Assets |  |  |  |  |  |  |
September 30, 2023: |  |  |  |  |  |  |
Equity securities | $ | 64,511 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,511 |
December 31, 2022: |  |  |  |  |  |  |
Equity securities | $ | 61,608 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,608 |
Liabilities |  |  |  |  |  |  |
September 30, 2023: |  |  |  |  |  |  |
Series A embedded derivative liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Series B warrants | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2022: |  |  |  |  |  |  |
Series A embedded derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 16,835 |  |  | $ | 16,835 |
Series B warrants | — |  |  | — |  |  | 84,780 |  |  | 84,780 |
Total | $ | — |  |  | $ | — |  |  | $ | 101,615 |  |  | $ | 101,615 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the estimated fair value of the Company’s Level 3 liabilities, which are measured at fair value as a on a recurring basis:
| Series A Warrant Liabilities |  | Series A Embedded Derivative Liabilities |  | Series B Warrant Liabilities |  | Total
| (In thousands)
Balance at December 31, 2021 | $ | 11,291 |  |  | $ | 18,448 |  |  | $ | 96,378 |  |  | $ | 126,117 |
Remeasurement to fair value | (1,895) |  |  | 3,941 |  |  | (36,636) |  |  | (34,590) |
Balance at September 30, 2022 | 9,396 |  |  | 22,389 |  |  | 59,742 |  |  | 91,527 |
Balance at December 31, 2022 | $ | — |  |  | $ | 16,835 |  |  | $ | 84,780 |  |  | $ | 101,615 |
Exercise of warrants | — |  |  | — |  |  | (82,018) |  |  | (82,018) |
Conversion of redeemable convertible preferred stock | — |  |  | (12,881) |  |  | — |  |  | (12,881) |
Remeasurement to fair value | — |  |  | (3,954) |  |  | (2,762) |  |  | (6,716) |
Balance at September 30, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- 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 + Details
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- 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 + Details
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