Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	24,240	$	—	$	—	$	24,240
Payment-dependent notes receivable, current		1,153		—		—		1,153
Payment-dependent notes receivable, noncurrent		—		—		13,453		13,453
Total financial assets	$	25,393	$	—	$	13,453	$	38,846
Payment-dependent notes payable, current		1,153		—		—		1,153
Payment-dependent notes payable, noncurrent		—		—		13,453		13,453
Warrant liabilities		—		—		7,844		7,844
Total financial liabilities	$	1,153	$	—	$	21,297	$	22,450

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	6,050	$	—	$	—	$	6,050
Payment-dependent notes receivable, current		1,165		—		38,124		39,289
Payment-dependent notes receivable, noncurrent		—		—		13,735		13,735
Total financial assets	$	7,215	$	—	$	51,859	$	59,074
Payment-dependent notes payable, current		1,165		—		38,124		39,289
Payment-dependent notes payable, noncurrent		—		—		13,735		13,735
Warrant liabilities		—		—		1,780		1,780
Total financial liabilities	$	1,165	$	—	$	53,639	$	54,804

Schedule of quantitative inputs and assumptions used for the payment-dependent notes receivable, payment-dependent notes payable and short-term investments

The following tables summarize the quantitative inputs and assumptions used for the Company’s payment-dependent notes receivable and payment-dependent notes payable classified as Level 3 of the fair value hierarchy:

As of December 31, 2021
				Significant
	Fair		Valuation	Unobservable
Level 3 Measurements	Value		Technique(s)	Input(s)	Range
Financial assets
Payment-dependent notes receivable	$	13,453	Transaction prices	N/A(1)	N/A
Financial liabilities
Payment-dependent notes payable	$	13,453	Transaction prices	N/A(1)	N/A

As of December 31, 2020
				Significant
	Fair		Valuation	Unobservable
Level 3 Measurements	Value		Technique(s)	Input(s)	Range
Financial assets
Payment-dependent notes receivable	$	13,735	Transaction prices	N/A(1)	N/A
	$	38,124	Discounted transaction prices(2)	Discount for lack of marketability	5	%
Financial liabilities
Payment-dependent notes payable	$	13,735	Transaction prices	N/A(1)	N/A
	$	38,124	Discounted transaction prices(2)	Discount for lack of marketability	5	%

(1) The Company considers completed transactions made through the Company’s platform for the relevant private securities as relevant data inputs.

(2) The Company uses publicly traded share prices at the close of the valuation date as the primary factor in the fair value analysis and applies a discount to the share prices to reflect lack of marketability.

Schedule of reconciliation for all assets measured at fair value using significant unobservable inputs (Level 3)

The following table provides reconciliation for all financial assets measured at fair value using significant unobservable inputs (Level 3) for years ended December 31, 2021 and 2020:

Balance as of December 31, 2019	$	25,892
Change in fair value of short-term investments		11
Distribution of short-term investments		(136)
Change in fair value of payment-dependent notes receivable.		27,319
Payment-dependent notes receivable transferred out of Level 3 to Level 1		(1,165)
Settlement of payment-dependent notes receivable		(62)
Balance as of December 31, 2020	$	51,859
Change in fair value of payment-dependent notes receivable		29,364
Payment-dependent notes receivable transferred out of Level 3 to Level 1		(62,637)
Settlement of payment-dependent notes receivable		(5,133)
Balance as of December 31, 2021	$	13,453

Schedule of change in the fair value of the derivative liabilities

The following table provides reconciliation for payment-dependent notes payable measured at fair value using significant unobservable inputs (Level 3) for years ended December 31, 2021 and 2020:

Balance as of December 31, 2019	$	25,767
Change in fair value of payment-dependent notes payable		27,319
Payment-dependent notes payable transferred out of Level 3 to Level 1		(1,165)
Settlement of payment-dependent notes payable		(62)
Balance as of December 31, 2020	$	51,859
Change in fair value of payment-dependent notes payable		29,364
Payment-dependent notes payable transferred out of Level 3 to Level 1		(62,637)
Settlement of payment-dependent notes payable		(5,133)
Balance as of December 31, 2021	$	13,453

The following table provides reconciliation for warrant liabilities measured at fair value using significant unobservable inputs (Level 3) for years ended December 31, 2021 and 2020:

Balance as of December 31, 2019	$	—
Fair value of warrant at issuance		1,488
Change in fair value of warrant liabilities		292
Balance as of December 31, 2020	$	1,780
Change in fair value of warrant liabilities		6,064
Balance as of December 31, 2021	$	7,844