FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022:
Equity securities	$	61,608	$	—	$	—	$	61,608


December 31, 2021:
Equity securities	$	113,630	$	248,148	$	—	$	361,778



Liabilities
December 31, 2022:

Series A embedded derivative liabilities	—		—		16,835		16,835
Series B warrants	—		—		84,780		84,780
Total	$	—	$	—	$	101,615	$	101,615

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

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, 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



Exercise of warrants	(9,396)		—		—		(9,396)
Remeasurement to fair value	(1,895)		(1,613)		(11,598)		(15,106)
Balance at December 31, 2022	$	—	$	16,835	$	84,780	$	101,615