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Fair Value Measures (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Measures [Abstract]  
Schedule of assets and liabilities at fair value on a recurring basis At June 30, 2022 and December 31, 2021, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows:
   June 30, 2022 (As Restated)   December 31, 2021 
   Fair Value Measurements Using Input Types   Fair Value Measurements Using Input Types 
(In thousands)  Level 1   Level 2   Level 3   Total   Level 1   Level 2   Level 3   Total 
Assets                                
Mutual funds (included in cash and cash equivalents)  $
   $
   $
   $
   $178   $
   $
   $178 
Municipal bonds   4,683    
    
    4,683    9,961    
    
    9,961 
Corporate bonds   6,640    
    
    6,640    34,589    
    
    34,589 
Total assets  $11,323   $
   $
   $11,323   $44,728   $
   $
   $44,728 
Liabilities                                        
Contingent consideration  $
   $
   $6,766   $6,766   $
   $
   $6,137   $6,137 
Warrant liabilities   
    
    9,530    9,530    
    
    
    
 
Total liabilities  $
   $
   $16,296   $16,296   $
   $
   $6,137   $6,137 

 

Schedule of Marketable Securities The composition of the Company’s marketable securities are as follows:
(In thousands)  June 30,
2022
   December 31,
2021
 
Current marketable securities          
Municipal bonds  $4,683   $9,961 
Corporate bonds   6,640    34,589 
   $11,323   $44,550 
Schedule of Amortized Cost and Estimated Fair Value of Held-to-maturity Securities The amortized cost and estimated fair value of marketable securities as of June 30, 2022, are as follows:
(In thousands)  Amortized
Cost
   Unrealized
Loss
   Estimated
Fair Value
 
Current marketable securities            
Municipal bonds  $4,683   $(6)  $4,677 
Corporate bonds   6,640    (3)   6,637 
   $11,323   $       (9)  $11,314 

 

Schedule of Fair Value of the Contingent Consideration within Other Expenses
(In thousands)  Six Months ended
June 30,
2022
   Year ended
December 31,
2021
 
Contingent consideration – beginning of period  $6,137   $
 
Accrued contingent consideration   1,420    4,725 
Accretion of contingent consideration   116    
 
Change in estimated fair value   (907)   1,412 
Contingent consideration – end of period  $6,766   $6,137 
Schedule of Fair Value of the PiPE Warrants and the SPA Warrants Issued The grant date fair value of the PIPE Warrants and the SPA Warrants issued during the six months ended June 30, 2022 was calculated used a Black-Scholes model and was determined to be $40.5 million using the following inputs:
   PIPE   SPA 
   Warrants   Warrants 
Stock price  $1,100.00   $1,228.00 
Exercise price  $1,496.00   $1,350.00 
Expected term (in years)   5.5    5.5 
Annualized volatility   87.53%   87.60%
Annual rate of quarterly dividends   0.0%   0.0%
Discount rate -bond equivalent yield   1.65%   2.12%
   PIPE   SPA 
   Warrants   Warrants 
Stock price  $394.00   $394.00 
Exercise price  $1,496.00   $1,350.00 
Expected term (in years)   5.08    5.20 
Annualized volatility   88.00%   87.80%
Annual rate of quarterly dividends   0.0%   0.0%
Discount rate -bond equivalent yield   3.01%   3.02%
Schedule of Fair Value of the Contingent Consideration within Other Expenses The following table sets forth a summary of the changes in the fair value of the Level 3 Warrant Liabilities for the six months ended June 30, 2022:
(In thousands)  Six Months
Ended
June 30,
2022
 
Warrant liabilities – beginning of period  $
 
Initial fair value of warrant liabilities   40,496 
Change in estimated fair value   (30,966)
Warrant liabilities – end of period  $9,530