XML 48 R27.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities
 

December 31, 2021

   

Level 1

 

Level 2

 

Level 3

 

Total

Financial assets

 

 

   

 

   

 

   

 

 

Money market funds

 

$

83,701

 

$

 

$

 

$

83,701

Total fair value of assets

 

$

83,701

 

$

 

$

 

$

83,701

   

 

   

 

   

 

   

 

 

Financial liabilities

 

 

   

 

   

 

   

 

 

Common stock warrant liability

 

$

7,350

 

$

 

$

 

$

7,350

Earnout liability

 

 

 

 

 

 

5,743

 

 

5,743

Total fair value of financial liabilities

 

$

7,350

 

$

 

$

5,743

 

$

13,093

 

December 31, 2020

   

Level 1

 

Level 2

 

Level 3

 

Total

Financial assets

 

 

   

 

   

 

   

 

 

Money market funds

 

$

18,778

 

$

 

$

 

$

18,778

Total fair value of assets

 

$

18,778

 

$

 

$

 

$

18,778

   

 

   

 

   

 

   

 

 

Financial liabilities

 

 

   

 

   

 

   

 

 

Derivative liability

 

$

 

$

 

$

8,158

 

$

8,158

Total fair value of financial liabilities

 

$

 

$

 

$

8,158

 

$

8,158

Schedule of changes in the fair value
 

Derivative
tranche
liability

 

Earnout
Liability

Fair Value as of January 1, 2020

 

$

4,053

 

 

$

 

Initial fair value of derivative instrument

 

 

 

 

 

 

Change in the fair value included in other expense

 

 

10,875

 

 

 

 

Settlement of obligation

 

 

(6,770

)

 

 

 

Fair Value as of December 31, 2020

 

$

8,158

 

 

$

 

   

 

 

 

 

 

 

 

Fair Value as of January 1, 2021

 

$

8,158

 

 

$

 

Initial fair value of earnout liability

 

 

 

 

 

15,020

 

Change in the fair value included in other expense (income)

 

 

3,501

 

 

 

(9,277

)

Settlement of obligation

 

 

(11,659

)

 

 

 

Fair Value as of December 31, 2021

 

$

 

 

$

5,743

 

Schedule of fair value measurements
 

Fair value
(in thousands)

 

Valuation
methodology

 

Significant unobservalble input

Earnout liability

 

$

5,743

 

Monte Carlo Simulation

 

Common stock price

 

$

7.85

 

   

 

       

Expected term (in years)

 

 

2.73

 

   

 

       

Expected volatility

 

 

74.00

%

   

 

       

Risk-free interest rate

 

 

0.90

%

 

Fair value
(in thousands)

 

Valuation
methodology

 

Significant unobservalble input

Derivative tranche liability

 

$

8,158

 

Black-Scholes

 

Expected term (in years)

 

0.16

 

   

 

       

Expected volatility

 

47.02

%

   

 

       

Risk-free interest rate

 

0.08

%

   

 

       

Expected dividend yield

 

0.00

%