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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy as of the dates presented, are summarized as follows:

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Assets
Cash equivalents - money market funds			$	114,474					$	—					$	—					$	114,474
Total assets			$	114,474					$	—					$	—					$	114,474
Liabilities
Warrants liability			$	—					$	—					$	13,056					$	13,056
Total liabilities			$	—					$	—					$	13,056					$	13,056

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(In thousands)
Assets
Cash equivalents - money market funds			$	174,701					$	—					$	—					$	174,701
Total assets			$	174,701					$	—					$	—					$	174,701

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value of outstanding balances of the Notes as of the dates presented are as follows:

			Level of Hierarchy						Fair Value						Principal Balance						Unamortized Debt Discount						Unamortized Debt Issuance Costs						Net Carrying Value
									(In thousands)
September 30, 2024
2026 Notes			2						$	160,736					$	361,204					$	—					$	(3,115)					$	358,089
2029 Notes			3						133,410						150,000						(30,543)						(7,242)						112,215
December 31, 2023
2024 Notes			2						$	71,396					$	72,492					$	—					$	(99)					$	72,393
2026 Notes			2						364,487						517,500						—						(5,935)						511,565

Schedule of Changes in Fair Value of Level 3 Liabilities

The changes in fair value of the Level 3 Warrants and earn-out liabilities as of the dates presented are as follows:

			September 30, 2024						December 31, 2023
			(in thousands)
Balance, beginning of year			$	—					$	72,221
Change in fair value of contingent consideration			—						4,629
Change in fair value of liability awards			—						(27,857)
Payments			—						(48,993)
Issuance of warrants			5,266						—
Change in fair value of warrants			7,790						—
Balance, end of period			$	13,056					$	—

Fair Value Measurement Inputs and Valuation Techniques

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the Warrants as of September 30, 2024 is as follows:

Stock price			$	1.28
Risk free rate			3.79		%
Expected life (in years)			9.68
Expected volatility			73		%

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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-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

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- 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
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-Paragraph 3
-Publisher FASB
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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- 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

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-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

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