The investments are carried at fair value, based on quoted market prices or other readily available market information. Unrealized and realized gains and losses are recognized as other income in the condensed consolidated statements of operations and comprehensive loss.

The Company classified its investments in corporate securities of BIOX as short-term investments. The Company recorded realized gains of $10.2 million for the three and six months ended June 30, 2021, associated with the sale of all corporate securities in other income, net, in the condensed consolidated statements of operations and comprehensive loss.

The following tables summarize the amortized cost and fair value of the investment securities portfolio at June 30, 2021 and December 31, 2020.

(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
June 30, 2021
Cash equivalents:
Money market funds		39,439		—		—		39,439
Total Assets at Fair Value	$	39,439	$	—	$	—	$	39,439

(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
December 31, 2020
Cash equivalents:
Money market funds	$	12,082	$	—	$	—	$	12,082
Short-term investments:
Corporate securities		10,969		656		—		11,625
Total Assets at Fair Value	$	23,051	$	656	$	—	$	23,707

The Company did not have any investment categories that were in a continuous unrealized loss position for more than twelve months as of June 30, 2021.

	Fair Value Measurements at June 30, 2021
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets at Fair Value
Cash equivalents:
Money market funds		39,439		—		—		39,439
Total Assets at Fair Value	$	39,439	$	—	$	—	$	39,439

The fair value of the investment securities at December 31, 2020 were as follows:

	Fair Value Measurements at December 31, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets at Fair Value
Cash equivalents:
Money market funds	$	12,082	$	—	$	—	$	12,082
Short-term investments:
Corporate securities		11,625		—		—		11,625
Total Assets at Fair Value	$	23,707	$	—	$	—	$	23,707

The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2021 or 2020. The Company’s financial instruments consist primarily of cash and cash equivalents, accounts

receivable, accounts payable, accrued liabilities, and notes payable. For accounts receivable, accounts payable, accrued liabilities, and notes payable the carrying amounts of these financial instruments as of June 30, 2021 and December 31, 2020 were considered representative of their fair values due to their short term to maturity or repayment. Cash equivalents are carried at cost, which approximates their fair value.

The Company’s Level 3 liabilities consist of a contingent liability resulting from the Anawah acquisition, as described in Note 17, a contingent liability resulting from the Industrial Seed Innovations acquisition, as described in Note 6, and common stock warrant liabilities related to the March 2018, the June 2019, the September 2019, and the January 2021 Offerings described in Note 13.

The contingent liability related to the Anawah acquisition was measured and recorded on a recurring basis as of June 30, 2021 and December 31, 2020, using unobservable inputs, namely the Company’s ability and intent to pursue certain specific products developed using technology acquired in the purchase. A significant deviation in the Company’s ability and/or intent to pursue the technology acquired in the purchase could result in a significantly lower (higher) fair value measurement. The contingent liability related to the Industrial Seed Innovations (“ISI”) acquisition was measured and recorded on a recurring basis as of June 30, 2021 and December 31, 2020, using unobservable inputs, namely ISI’s forecasted revenue. A significant deviation in ISI’s forecasted revenue could result in a significantly lower (higher) fair value measurement.

The warrant liabilities were measured and recorded on a recurring basis using the Black-Scholes Model with the following assumptions at June 30, 2021 and December 31, 2020:

	January 2021 Warrants					September 2019 Warrants						June 2019 Warrants						March 2018 Warrants
	June 30, 2021			December 31, 2020		June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020
Remaining term (in years)		5.08			—		3.70			4.20			3.46			3.96			1.72			2.22
Expected volatility		125.8	%		—		137.7	%		135.0	%		140.4	%		135.0	%		91.1	%		130.0	%
Risk-free interest rate		0.9	%		—		0.6	%		0.3	%		0.6	%		0.3	%		0.2	%		0.1	%
Expected dividend yield		0	%		—		0	%		0	%		0	%		0	%		0	%		0	%

The significant input used in the fair value measurement of the Company’s Level 3 warrant liabilities is volatility. A significant increase (decrease) in volatility could result in a significantly higher (lower) fair value measurement.

The following table sets forth the establishment of the Company’s Level 3 liabilities, as well as a summary of the changes in the fair value and other adjustments (in thousands):

	(Level 3)
(Dollars in thousands)		Common Stock Warrant Liability - March 2018 Purchase Agreement			Common Stock Warrant Liability - June 2019 Offering		Common Stock Warrant Liability - September 2019 Offering		Common Stock Warrant Liability - January 2021 Offering		Contingent Liabilities			Total
Balance as of December 31, 2020		$	662		$	832	$	1,214	$	-	$	2,280		$	4,987
Initial recognition			—			—		—		9,631		—		$	9,631
Change in fair value and other adjustments			(378	)		146		192		215		(140	)	$	36
Balance as of June 30, 2021		$	284		$	978	$	1,406	$	9,846	$	2,140		$	14,654