Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
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 (in thousands):
Fair Value Measurements at December 31, 2023
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 57,829  $ —  $ —  $ 57,829 
Treasury bills —  51,289  —  51,289 
$ 57,829  $ 51,289  $ —  $ 109,118 
Liabilities:
Contingent earn-out liability $ —  $ —  $ 29,119  $ 29,119 
Contingently issuable common stock liability —  —  6,530  6,530 
Public Warrant liability 10,889  —  —  10,889 
$ 10,889  $ —  $ 35,649  $ 46,538 
Fair Value Measurements at December 31, 2022
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 149,971  $ —  $ —  $ 149,971 
$ 149,971  $ —  $ —  $ 149,971 
Liabilities:
Long-term debt including current portion $ —  $ 29,683  $ —  $ 29,683 
Contingent earn-out liability —  —  14,218  14,218 
Contingently issuable common stock liability —  —  3,392  3,392 
Public Warrant liability 6,124  —  —  6,124 
$ 6,124  $ 29,683  $ 17,610  $ 53,417 
Schedule of common stock warrant liability
The following table provides a rollforward of the contingent earn-out liability (in thousands):
Balance at December 31, 2021 $ 21,206 
Change in fair value (6,988)
Balance at December 31, 2022 $ 14,218 
Change in fair value 14,901 
Balance at December 31, 2023 $ 29,119 
The following table provides a rollforward of the contingently issuable common shares (in thousands):
Balance at December 31, 2021 $ 5,264 
Change in fair value (1,872)
Balance at December 31, 2022 $ 3,392 
Change in fair value 3,138 
Balance at December 31, 2023 $ 6,530 
The following table provides a rollforward of the public warrant liability (in thousands):
Balance at December 31, 2021 $ 11,030 
Change in fair value (4,906)
Balance at December 31, 2022 $ 6,124 
Change in fair value 4,765 
Balance at December 31, 2023 $ 10,889