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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value

The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table summarizes the fair value of the Company’s financial assets that are measured at fair value for the years-ended December 31, 2021 and 2022 (in thousands):

 

 

Year-Ended December 31, 2021

 

 

 

Fair Value Measurement Category

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,317

 

 

$

 

 

$

 

Restricted Cash

 

 

7,998

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Estimated fair value of contingent earn-out considerations

 

 

 

 

 

 

 

 

9,223

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Ended December 31, 2022

 

 

 

Fair Value Measurement Category

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,574

 

 

$

 

 

$

 

Restricted cash

 

 

3,055

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Warrant liability

 

 

 

 

 

 

 

 

3,473

 

Summary of Warrant Activity

The following table summarizes the Company's warrant activity during the year-ended December 31, 2022 (in thousands):

 

 

 

 

Year-Ended December 31, 2022

 

Warrants liability as of January 1, 2022

 

 

$

 

Change in fair value of warrants

 

 

 

3,473

 

Warrants liability as of December 31, 2022.

 

 

$

3,473