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Fair Value Measurements (Tables)

3 Months Ended

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%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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

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-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

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