XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the Company's financial liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):
|  |  |  |  |  | Fair Value Measurements |
|  |  |  |  |  | as of June 30, 2023 |
|  | Carrying Amount as of |  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2023 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Preferred stock derivative liability |  | $ | 27,793 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,793 |
|  |  |  |  |  | Fair Value Measurements |
|  |  |  |  |  | as of December 31, 2022 |
|  | Carrying Amount as of |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Preferred stock derivative liability |  | $ | 21,918 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,918 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables provide a reconciliation of the beginning and ending balances of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
Preferred stock derivative liability |  | 2023 |  |  | 2022 |
Balance, January 1, |  | $ | 21,918 |  |  | $ | 21,282 |
Change in fair value |  |  | 5,875 |  |  |  | (5,384 | )
Balance, June 30, |  | $ | 27,793 |  |  | $ | 15,898 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table provides quantitative information of liabilities measured at fair value and the significant unobservable inputs (Level 3), the range of the significant unobservable inputs, and the valuation techniques.
|  | Fair Value |  | Valuation |  | Unobservable |  | Range |
|  | As of June 30, 2023 |  | Technique |  | Inputs |  | (Weighted Average) |
|  | (In thousands) |  |  |  |  |  |  |  |
Preferred Stock Derivative Liability |  | $ | 27,793 |  | Discounted Cash Flow |  | Change-in-control probability assumptions |  | Range: 0% to 100% |
|  |  |  |  |  |  | Timing of change-in-control assumptions |  | Range: 1 to 10 years |
|  |  |  |  |  |  | Discount Rate |  | * |
|  |  |  |  |  |  | Market yield* |  | * |
|  | Fair Value |  | Valuation |  | Unobservable |  | Range |
|  | As of December 31, 2022 |  | Technique |  | Inputs |  | (Weighted Average) |
|  | (In thousands) |  |  |  |  |  |  |  |
Preferred Stock Derivative Liability |  | $ | 21,918 |  | Discounted Cash Flow |  | Change-in-control probability assumptions |  | Range: 0% to 100% |
|  |  |  |  |  |  | Timing of change-in-control assumptions |  | Range: 1 to 10 years |
|  |  |  |  |  |  | Discount Rate |  | ** |
|  |  |  |  |  |  | Implied yield** |  | ** |
*Represents the hypothetical market yield
**Represents the implied yield of the 2021 BSP Term Loan

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration