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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value of a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands):
| March 31, 2023
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 30,417 |  |  | $ | 30,417 |  |  | $ | — |  |  | $ | — |
| 30,417 |  |  | 30,417 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | 650 |  |  | 650 |  |  | — |  |  | — |
Corporate debt security | 23,882 |  |  | — |  |  | 23,882 |  |  | — |
Asset-backed security and other | 2,996 |  |  | — |  |  | 2,996 |  |  | — |
| 27,528 |  |  | 650 |  |  | 26,878 |  |  | — |
Total financial assets | $ | 57,945 |  |  | $ | 31,067 |  |  | $ | 26,878 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Public Warrants | 659 |  |  | 659 |  |  | — |  |  | — |
Derivative Liabilities | 497 |  |  | — |  |  | — |  |  | 497 |
Contingent Earn-out Shares liability | 616 |  |  | — |  |  | — |  |  | 616 |
Total financial liabilities | $ | 1,779 |  |  | $ | 659 |  |  | $ | 7 |  |  | $ | 1,113 |
____________ (1) Included in total cash and cash equivalents in the condensed consolidated balance sheets.
| December 31, 2022
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 22,481 |  |  | $ | 22,481 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 2,199 |  |  | 2,199 |  |  | — |  |  | — |
| 24,680 |  |  | 24,680 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | 2,180 |  |  | 2,180 |  |  | — |  |  | — |
Corporate debt security | 39,565 |  |  | — |  |  | 39,565 |  |  | — |
Asset-backed security and other | 5,248 |  |  | — |  |  | 5,248 |  |  | — |
Non-U.S. government and supranational bonds | 3,655 |  |  | — |  |  | 3,655 |  |  | — |
| 50,648 |  |  | 2,180 |  |  | 48,468 |  |  | — |
Total financial assets | $ | 75,328 |  |  | $ | 26,860 |  |  | $ | 48,468 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Public Warrants | 654 |  |  | 654 |  |  | — |  |  | — |
Derivative Liabilities | 405 |  |  | — |  |  | — |  |  | 405 |
Contingent Earn-out Shares liability | 564 |  |  | — |  |  | — |  |  | 564 |
Total financial liabilities | $ | 1,630 |  |  | $ | 654 |  |  | $ | 7 |  |  | $ | 969 |
____________ (1) Included in total cash and cash equivalents in the condensed consolidated balance sheets.
Schedule of Liabilities Measured at Fair Value of a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands):
| March 31, 2023
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 30,417 |  |  | $ | 30,417 |  |  | $ | — |  |  | $ | — |
| 30,417 |  |  | 30,417 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | 650 |  |  | 650 |  |  | — |  |  | — |
Corporate debt security | 23,882 |  |  | — |  |  | 23,882 |  |  | — |
Asset-backed security and other | 2,996 |  |  | — |  |  | 2,996 |  |  | — |
| 27,528 |  |  | 650 |  |  | 26,878 |  |  | — |
Total financial assets | $ | 57,945 |  |  | $ | 31,067 |  |  | $ | 26,878 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Public Warrants | 659 |  |  | 659 |  |  | — |  |  | — |
Derivative Liabilities | 497 |  |  | — |  |  | — |  |  | 497 |
Contingent Earn-out Shares liability | 616 |  |  | — |  |  | — |  |  | 616 |
Total financial liabilities | $ | 1,779 |  |  | $ | 659 |  |  | $ | 7 |  |  | $ | 1,113 |
____________ (1) Included in total cash and cash equivalents in the condensed consolidated balance sheets.
| December 31, 2022
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Cash and Cash Equivalents(1): |  |  |  |  |  |  |
Money market funds | $ | 22,481 |  |  | $ | 22,481 |  |  | $ | — |  |  | $ | — |
Corporate debt security | 2,199 |  |  | 2,199 |  |  | — |  |  | — |
| 24,680 |  |  | 24,680 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
U.S. treasuries | 2,180 |  |  | 2,180 |  |  | — |  |  | — |
Corporate debt security | 39,565 |  |  | — |  |  | 39,565 |  |  | — |
Asset-backed security and other | 5,248 |  |  | — |  |  | 5,248 |  |  | — |
Non-U.S. government and supranational bonds | 3,655 |  |  | — |  |  | 3,655 |  |  | — |
| 50,648 |  |  | 2,180 |  |  | 48,468 |  |  | — |
Total financial assets | $ | 75,328 |  |  | $ | 26,860 |  |  | $ | 48,468 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Private Placement Warrants | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Public Warrants | 654 |  |  | 654 |  |  | — |  |  | — |
Derivative Liabilities | 405 |  |  | — |  |  | — |  |  | 405 |
Contingent Earn-out Shares liability | 564 |  |  | — |  |  | — |  |  | 564 |
Total financial liabilities | $ | 1,630 |  |  | $ | 654 |  |  | $ | 7 |  |  | $ | 969 |
____________ (1) Included in total cash and cash equivalents in the condensed consolidated balance sheets.
Schedule of Changes on Fair Value of Financial Liabilities | The changes in the fair value of Level 3 financial liabilities during the three months ended March 31, 2023 consisted of the following (in thousands):
| Derivative Liabilities on Convertible Debentures |  | Contingent Earn-out Shares Liability
Fair value at December 31, 2022 | $ | 405 |  |  | $ | 564 |
Recognition of earn-out RSUs | — |  |  | — |
Change in fair value during the period | 92 |  |  | 52 |
Fair value at March 31, 2023 | $ | 497 |  |  | $ | 616 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | Significant unobservable inputs related to Level 3 earn-out shares liability consisted of the following:
| March 31, 2023 |  | December 31, 2022
Stock price | $0.53 |  | $0.44
Stock price volatility | 80% |  | 80%
Expected term | 3.39 years |  | 3.64 years
Risk-free interest rate | 3.8% |  | 4.2%
Significant unobservable inputs related to Level 3 derivative liabilities consisted of the following:
| March 31, 2023 |  | December 31, 2022
Stock price | $0.53 |  | $0.44
Stock price volatility | 80% |  | 80%
Expected term | 0.62 years |  | 0.86 years
Risk-free interest rate | 4.8% |  | 4.6%

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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 -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 + Details
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- Definition 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 + Details
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