Warrants (Tables)

6 Months Ended

Jun. 30, 2022

Class Of Warrant Or Right [Line Items]

Summary of Changes in Warrant Liabilities Activity

The following represents a summary of the warrant liabilities activity during the six months ended June 30, 2022:

	Series A-4 Warrants			Private Placement Warrants			Total
Balance at December 31, 2021	$	15,821		$	—		$	15,821
Assumed upon Business Combination		—			8,140			8,140
Changes in fair value		926			(7,010	)		(6,084	)
Conversion and exchange upon Business Combination		(16,747	)		—			(16,747	)
Balance at June 30, 2022	$	—		$	1,130		$	1,130

Summary of Weighted Average Assumptions of Fair Value of Liabilities

Liabilities that are measured at fair value on a recurring basis, and the level of the fair value hierarchy utilized to determine such fair values, consisted of the following at June 30, 2022 (in thousands):

			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Earnout liability (See Note 14)	$	6,190	$	—	$	—	$	6,190
Private placement warrant liability (see Note 13)		1,130		—		—		1,130
One S.r.l. call option   (see Note 11)		3,062		—		—		3,062
Total liabilities measured at fair value	$	10,382	$	—	$	—	$	10,382

Liabilities that are measured at fair value on a recurring basis, and the level of the fair value hierarchy utilized to determine such fair values, consisted of the following at December 31, 2021 (in thousands):

			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Convertible promissory notes (see Note 12)	$	27,128	$	—	$	—	$	27,128
Legacy Gelesis preferred stock warrants (See Note 13)		15,821		—		—		15,821
One S.r.l. call option   (see Note 11)		2,416		—		—		2,416
Total liabilities measured at fair value	$	45,365	$	—	$	—	$	45,365

Private Placement Warrants

Class Of Warrant Or Right [Line Items]

Summary of Weighted Average Assumptions of Fair Value of Liabilities

The following weighted-average assumptions were used to determine the fair value of the Private Placement Warrant liability at June 30, 2022:

	Private Placement Warrants
Expected term	4.5 years
Expected volatility		62.0	%
Expected dividend yield		0.0	%
Risk free interest rate		3.0	%
Price of Gelesis Common Stock	$	1.55
Exercise price of warrants	$	11.50