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v3.23.1

Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
|  | Fair Value Measurements as of March 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents - money market funds |  | $ | 7,554 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,554 |
Convertible note receivable |  |  | — |  |  |  | — |  |  |  | 2,115 |  |  |  | 2,115 |
|  | $ | 7,554 |  |  | $ | — |  |  | $ | 2,115 |  |  | $ | 9,669 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | 87,013 |  |  | $ | 87,013 |
Contingent stock consideration |  |  | — |  |  |  | — |  |  |  | 76 |  |  |  | 76 |
Short-term debt - Yorkville |  |  | — |  |  |  | — |  |  |  | 30,945 |  |  |  | 30,945 |
Warrant liability - May 2022 PIPE Warrants |  |  | — |  |  |  | — |  |  |  | 491 |  |  |  | 491 |
Warrant liability - Sponsor Warrants |  |  | — |  |  |  | — |  |  |  | 510 |  |  |  | 510 |
Warrant liability - Public Warrants |  |  | 862 |  |  |  | — |  |  |  | — |  |  |  | 862 |
|  | $ | 862 |  |  | $ | — |  |  | $ | 119,035 |  |  | $ | 119,897 |
|  | Fair Value Measurements as of December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents - money market funds |  | $ | 12,174 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,174 |
Convertible note receivable |  |  | — |  |  |  | — |  |  |  | 2,514 |  |  |  | 2,514 |
|  | $ | 12,174 |  |  | $ | — |  |  | $ | 2,514 |  |  | $ | 14,688 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | — |  |  | $ | — |  |  | $ | 105,945 |  |  | $ | 105,945 |
Contingent stock consideration |  |  | — |  |  |  | — |  |  |  | 186 |  |  |  | 186 |
Short-term debt - Yorkville |  |  | — |  |  |  | — |  |  |  | 37,603 |  |  |  | 37,603 |
Warrant liability - May 2022 PIPE Warrants |  |  | — |  |  |  | — |  |  |  | 1,402 |  |  |  | 1,402 |
Warrant liability - Sponsor Warrants |  |  | — |  |  |  | — |  |  |  | 1,190 |  |  |  | 1,190 |
Warrant liability - Public Warrants |  |  | 1,006 |  |  |  | — |  |  |  | — |  |  |  | 1,006 |
|  | $ | 1,006 |  |  | $ | — |  |  | $ | 146,326 |  |  | $ | 147,332 |
Schedule of Reconciliation of Contingent Consideration Obligations Measured on a Recurring Basis | The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using Level 3 inputs as of March 31, 2023 and December 31, 2022:
|  | Balance as of December 31, 2022 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of March 31, 2023 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | 105,945 |  |  | $ | — |  |  | $ | — |  |  | $ | (18,932 | ) |  | $ | 87,013 |
|  | Balance as of December 31, 2021 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of December 31, 2022 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration obligations |  | $ | 232,222 |  |  | $ | — |  |  | $ | — |  |  | $ | (126,277 | ) |  | $ | 105,945 |
Schedule of Aggregate Fair Values of the Warrant Liability | The following table provides a roll-forward of the aggregate fair values of the Company’s warrant liabilities for which fair values are determined using either Level 1 or Level 3 inputs:
Balance as of December 31, 2021 |  | $ | 25,962 |
May 2022 PIPE warrant issuance |  |  | 19,745 |
Gain recognized in earnings from change in fair value |  |  | (42,109 | )
Balance as of December 31, 2022 |  | $ | 3,598 |
Balance as of December 31, 2022 |  | $ | 3,598 |
Gain recognized in earnings from change in fair value |  |  | (1,735 | )
Balance as of March 31, 2023 |  | $ | 1,863 |
Schedule of Fair Value of the Liability Classified Warrants |
|  | March 31, 2023 |  |  | December 31, 2022 |
Public Warrants |  | $ | 862 |  |  | $ | 1,006 |
Sponsor Warrants |  |  | 510 |  |  |  | 1,190 |
May 2022 PIPE Warrants |  |  | 491 |  |  |  | 1,402 |
Total |  | $ | 1,863 |  |  | $ | 3,598 |
Schedule of Convertible Note Valuation Model | Significant inputs for the convertible note valuation model are as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
Face value |  | $ | 4,000 |  |  | $ | 4,000 |
Coupon rate |  | 12% - 17% |  |  | 12% - 17% |
Stock price |  | $ | 0.04 |  |  | $ | 0.02 |
Term (years) |  | .76 - 3.45 |  |  | 1.01 - 3.45 |
Risk-free interest rate |  |  | 4.79 | % |  |  | 4.73 | %
Volatility |  | n/a |  |  | n/a |
Schedule of Reconciliation of Contingent Stock Consideration Obligations Measured on a Recurring Basis | The following table presents a reconciliation of the contingent stock consideration obligation measured on a recurring basis using Level 3 inputs as of March 31, 2023 and December 31, 2022:
|  | Balance as of December 31, 2022 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of March 31, 2023 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent stock consideration |  | $ | 186 |  |  | $ | — |  |  | $ | — |  |  | $ | (110 | ) |  | $ | 76 |
|  | Balance as of December 31, 2021 |  |  | Net transfers in to (out of) Level 3 |  |  | Purchases, settlements and other net |  |  | Fair value adjustments |  |  | Balance as of December 31, 2022 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent stock consideration |  | $ | - |  |  | $ | — |  |  | $ | — |  |  | $ | 186 |  |  | $ | 186 |
Schedule of Roll-forward Aggregate Fair Values of the Yorkville Debt | The following table provides a roll-forward of the aggregate fair values of the Company’s Yorkville debt for which fair values are determined using Level 3 inputs:
Liabilities: |  |  |
Balance as of December 31, 2022 |  | $ | 37,603 |
Conversion of debt into common shares |  |  | (3,510 | )
Principal repayments |  |  | (1,618 | )
Fair value adjustment through earnings |  |  | 1,280 |
Fair value adjustment through accumulated other comprehensive income |  |  | (2,810 | )
Balance as of March 31, 2023 |  | $ | 30,945 |
Schedule Of Yorkville short-term debt valuation model | Significant inputs for the Yorkville short-term debt valuation model as of December 31, 2022 were as follows:
|  | December 31, 2022 |
Common share price |  | $ | 1.29 |
Credit spread |  |  | 13.71 | %
Dividend yield |  |  | 0 | %
Term (years) |  |  | 0.71 |
Risk-free interest rate |  |  | 4.75 | %
Volatility |  |  | 45.0 | %
Discount yield |  |  | 18.46 | %
GX Sponsor Warrants |
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Fair Value of Warrants Issued | Significant inputs for the Sponsor Warrants are as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
Common share price |  | $ | 0.62 |  |  | $ | 1.29 |
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  |  | 3.3 |  |  |  | 3.5 |
Risk-free interest rate |  |  | 3.78 | % |  |  | 4.16 | %
Volatility |  |  | 91.0 | % |  |  | 75.0 | %
May 2022 PIPE Warrants |
Fair Value Of Financial Assets And Liabilities Tables [Line Items] |
Schedule of Aggregate Fair Values of the Warrant Liability | Significant inputs for the May 2022 PIPE Warrants are as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
Common share price |  | $ | 0.62 |  |  | $ | 1.29 |
Exercise price |  | $ | 8.25 |  |  | $ | 8.25 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Term (years) |  |  | 4.1 |  |  |  | 4.4 |
Risk-free interest rate |  |  | 3.71 | % |  |  | 3.99 | %
Volatility |  |  | 89.6 | % |  |  | 81.2 | %

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