Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands):

	Fair Value Measurements as of
	December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	271,856	$	—	$	—	$	271,856
Other investment held at fair value		—		—		—		—
	$	271,856	$	—	$	—	$	271,856
Liabilities:
Contingent consideration liability - related parties	$	—	$	—	$	2,483	$	2,483
Warrant Liability		—		—		336		336
	$	—	$	—	$	2,819	$	2,819

	Fair Value Measurements as of
	December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:							$	—
Liabilities:
Contingent consideration liability - related parties	$	—	$	—	$	1,705	$	1,705
Derivative liability		—		—		214		214
	$	—	$	—	$	1,919	$	1,919

Summary of Fair Value Measurement Inputs and Valuation Techniques

The fair value of the Perception contingent consideration liability - related parties was calculated using the following significant unobservable inputs:

		December 31, 2021		December 31, 2020
			Weighted		Weighted
Valuation Technique	Significant Unobservable Inputs	Input Range	Average	Input Range	Average
Discounted cash flow	Milestone contingent consideration:
	Discount rate	11.4%	11.4%	8.4% to 14.1%	9.4%
	Probability of the milestone	51.9%	51.9%	10.5% to 48.7%	34.8%
Discounted cash flow    with SBM	Royalty contingent consideration:
	Discount rate for royalties	19.2% - 20.1%	19.9%	12.0% to 13.0%	12.5%
	Discount rate for royalties on milestones	10.9% - 11.8%	11.6%	8.4%	8.4%
	Probability of success rate	26.5% to 100.0%	35.6%	3.95% to 100.0%	12.6%
	Probability of the close of the license transaction (1)	N/A	N/A	80.0%	80.0%

(1)This input was used in fourth quarter of 2020 in relation to a potential license transaction that Perception had with a third-party pharmaceutical company.

Summary of Fair Value Measurement on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the aggregate fair values of the Company’s financial instruments described above, for which fair value is determined using Level 3 inputs (in thousands):

	Compass Notes Receivable - related party			2020 Convertible Notes Payable			Other Investments Held at Fair Value			Contingent Consideration Liability - Related Parties			Derivative Liability			Warrant Liability
Balance as of December 31, 2019	$	8,244		$	—		$	—		$	572		$	—		$	—
Initial fair value of instrument		—			—			—			—			364			—
Issuance of notes payable		—			30,437			—			—			—			—
Conversion of notes receivable		(9,003	)		—			—			—			—			—
Conversion of notes payable		—			(50,059	)		—			—			—			—
Change in fair value		718			16,974			—			1,133			(150	)		—
Foreign currency transaction adjustments		41			2,648			—			—			—			—
Balance as of December 31, 2020	$	—		$	—		$	—		$	1,705		$	214		$	—
Initial fair value of instrument		—			—			9,359			951			647			249
Change in fair value		—			—			(9,359	)		(173	)		(41	)		87
Extinguishment of liability		—			—			—			—			(820	)		—
Balance as of December 31, 2021	$	—		$	—		$	—		$	2,483		$	—		$	336

Initial Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes significant unobservable inputs that are included in the valuation of the Initial Warrants as of December 31, 2021:

	December 31, 2021
Value of Underlying	$	0.34
Expected Volatility		105	%

Warrant [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes significant unobservable inputs that are included in the valuation of the warrant lability as of December 31, 2021:

	December 31, 2021
Stock Price	$	50.56
Expected Volatility		100	%

Additional Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes significant unobservable inputs that are included in the valuation of the Additional Units Warrant as of December 31, 2021:

	December 31, 2021
Stock Price	$	0.34
Expected Volatility		105	%

Two Thousand Twenty Convertible Note [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes significant unobservable inputs by valuation technique that are included in the valuation of the 2020 Convertible Notes from the issuance date of the notes in January 2020 to the note conversion date in November 2020:

			Weighted
Valuation Technique	Significant Unobservable Inputs	Input Range	Average
SBM	Discount rate	-0.5% to 7.2%	0.8%
	Probability scenarios:
	Conversion upon a financing event	50% to 90%	65.5%
OPM	Volatility	70.0% to 85.0%	79.0%
	Dividend yield	0%	0%

Derivative [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The significant unobservable inputs that are included in the valuation of the derivative liability as of December 31, 2020 include:

	December 31, 2020
				Weighted
Significant Unobservable Inputs	Input Range			Average
Discount rate		17.0	%		17.0	%
Expected term	1 year			1 year
Probability scenarios:
Qualified financing transaction		20	%		20	%
Licensing transaction		80	%		80	%