FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value, Assets Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets
December 31, 2021:
Equity securities at fair value	$	113,630	$	248,148	$	—	$	361,778
Total	$	113,630	$	248,148	$	—	$	361,778

December 31, 2020:
Equity securities at fair value	$	109,103	$	—	$	—	$	109,103
Investment at fair value - warrants	—		2,752		—		2,752
Total	$	109,103	$	2,752	$	—	$	111,855

Liabilities
December 31, 2021:
Series A warrants	$	—	$	—	$	11,291	$	11,291
Series A embedded derivative liabilities	—		—		18,448		18,448
Series B warrants	—		—		96,378		96,378
Total	$	—	$	—	$	126,117	$	126,117

December 31, 2020:
Series A warrants	$	—	$	6,640	$	—	$	6,640
Series A embedded derivative liabilities	—		—		26,728		26,728
Series B warrants	—		—		52,341		52,341
Total	$	—	$	6,640	$	79,069	$	85,709

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the estimated fair value of the Company’s Level 3 liabilities, which are measured at fair value as a on a recurring basis:


	Series A Warrant Liabilities		Series A Embedded Derivative Liabilities		Series B Warrant Liabilities		Total
	(In thousands)
Balance at December 31, 2019	$	—	$	17,974	$	—	$	17,974
Issuance of Series B warrants	—		—		4,600		4,600
Remeasurement to fair value	—		8,754		47,741		56,495
Balance at December 31, 2020	—		26,728		52,341		79,069
Transfer to Level 3	6,640		—		—		6,640
Remeasurement to fair value	4,651		(8,280)		44,037		40,408
Balance at December 31, 2021	$	11,291	$	18,448	$	96,378	$	126,117