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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 and 2021 (in thousands):

 

 

December 31, 2022

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

3,149

 

$

 

$

 

$

3,149

Total financial assets

$

3,149

 

$

 

$

 

$

3,149

 

 

December 31, 2021

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

38,522

 

$

  —

 

$

  —

 

$

38,522

Total financial assets

$

38,522

 

$

  —

 

$

  —

 

$

38,522

Liability:

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

$

  —

 

$

  —

 

$

14,094

 

$

14,094

Total financial liabilities

$

  —

 

$

  —

 

$

14,094

 

$

14,094

Schedule of Change in Fair Value of the Redeemable Convertible Preferred Stock Warrant Liability, Derivative Liabilities and Contingent Consideration Liability

The change in fair value of the redeemable convertible preferred stock warrant liability, derivative liabilities and contingent consideration liability are summarized below (in thousands)

 

 

 

Redeemable
convertible
preferred
stock
warrant
liability

 

 

Derivative
liabilities

 

 

Contingent
consideration
liability

Beginning fair value, December 31, 2020

$

42

 

$

38,007

 

$

23,667

Change in fair value

 

328

 

 

(38,007)

 

 

427

Payment of Development Milestone

 

-

 

 

-

 

 

(10,000)

Conversion into common stock warrant

 

(370)

 

 

-

 

 

-

Ending fair value, December 31, 2021

 

-

 

 

-

 

 

14,094

Payment

 

-

 

 

-

 

 

(5,000)

Change in fair value

 

-

 

 

-

 

 

(9,094)

Ending fair value, December 31, 2022

$

-

 

$

-

 

$

-