Business Combination (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination Description [Abstract]

Summary of Purchase Consideration

The summary of the purchase consideration is as follows (in thousands, except shares and per share amounts):

Description		Amount
Closing stock consideration —1,331,411 shares of Series D redeemable convertible preferred stock at $2.06 per share	$	2,737
Cash consideration		15,000
Delayed cash consideration		15,000
Development Milestone payment (a)		8,615
Revenue Milestone payments (b)		15,227
Total purchase consideration	$	56,579

Schedule of Purchase Price of Acquired Assets and Liabilities

The following table summarizes the allocation of the purchase price based on the estimated fair values of the acquired assets and assumed liabilities as of May 12, 2020 (in thousands):

Net assets acquired:
Inventory	$	7,846
Other receivable		271
Property and equipment		999
Trade names		3,969
Customer relationships		13,466
Developed technology		30,819
Warranty liability		(16)
Deferred tax liability		(132)
Negative goodwill		(643)
Purchase price	$	56,579

Components of Identifiable Intangible Assets Acquired

The components of identifiable intangible assets acquired were as follows (in thousands):

	Useful lives (in years)(4)		Value as of closing date of acquisition
Trademarks(1)	6.5	$	3,969
Developed technology(2)	10		30,819
Customer relationships(3)	3		13,466
Total identifiable intangible assets acquired		$	48,254

(1)The relief from royalty method of the income approach was used to estimate the fair value of the trademarks.

(2)Developing technology was valued using the excess earnings method

(3)Customer relationship assets represent the expected profits to be generated from the customer contracts, incorporating estimated customer retention rates.

(4)The estimated useful lives were determined based on the future economic benefit expected to be received from the assets.