Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

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
	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Cash & Money market funds	$	38,878	$	—	$	—	$	38,878
Investment in securities at fair value:
U.S. Treasuries		—		3,478		—		3,478
Commercial Paper		—		114,880		—		114,880
Corporate Notes/Bonds		—		107,045		—		107,045
U.S. Government Agencies		—		2,951		—		2,951
Other investment at fair value		—		—		—		—
	$	38,878	$	228,354	$	—	$	267,232
Liabilities:
Contingent consideration liability - related parties	$	—	$	—		2,338	$	2,338
Warrant Liability		—		—		283		283
	$	—	$	—	$	2,621	$	2,621

	Fair Value Measurements as of
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Cash & Money market funds	$	271,856	$	—	$	—	$	271,856
Investment in securities at fair value:
U.S. Treasuries		—		—		—		—
Commercial Paper		—		—		—		—
Corporate Notes/Bonds		—		—		—		—
U.S. Government Agencies		—		—		—		—
Other investment 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

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:

		June 30, 2022	December 31, 2021
Valuation Technique	Significant Unobservable Inputs	Input Range	Input Range
Discounted cash flow	Milestone contingent consideration:
	Discount rate	15.4%	11.4%
	Probability of the milestone	51.9%	51.9%
Discounted cash flow    with SBM	Royalty contingent consideration:
	Discount rate for royalties	22.5% - 24.0%	19.2% - 20.1%
	Discount rate for royalties on milestones	14.2% - 15.6%	10.9% - 11.8%
	Probability of success rate	26.5% - 51.9%	26.5% to 100.0%

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):

	Contingent Consideration Liability - Related Parties			Warrant Liability
Balance as of December 31, 2021	$	2,483		$	336
Initial fair value of instrument		—			—
Change in fair value		—			—
Extinguishment of liability		(50	)		—
Balance as of March 31, 2022	$	2,433		$	336
Initial fair value of instrument		—			—
Change in fair value		(95	)		(53	)
Extinguishment of liability					—
Balance as of June 30, 2022	$	2,338		$	283

	Other Investments Held at Fair Value			Contingent Consideration Liability - Related Parties			Derivative Liability			Warrant Liability
Balance as of December 31, 2020	$	—		$	1,705		$	214		$	—
Initial fair value of instrument		—			101			304			—
Change in fair value		—			(251	)		(41	)		—
Balance as of March 31, 2021	$	—		$	1,555		$	477		$	—
Initial fair value of instrument		9,358			—			343			249
Change in fair value		(4,720	)		911			—			40
Extinguishment of liability		—			—			(820	)		—
Balance as of June 30, 2021	$	4,638		$	2,466		$	—		$	289

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 June 30, 2022:

	June 30, 2022
Value of Underlying	$	0.16
Expected Volatility		115	%

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 June 30, 2022:

	June 30, 2022
Stock Price	$	40.41
Expected Volatility		105	%

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 June 30, 2022:

	June 30, 2022
Value of Underlying	$	0.16
Expected Volatility		115	%

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
Value of Underlying		0.34
Expected Volatility		105	%