FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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
March 31, 2023:
Equity securities	$	60,724	$	—	$	—	$	60,724


December 31, 2022:
Equity securities	$	61,608	$	—	$	—	$	61,608



Liabilities
March 31, 2023:

Series A embedded derivative liabilities	$	—	$	—	$	11,812	$	11,812
Series B warrants	—		—		73,152		73,152
Total	$	—	$	—	$	84,964	$	84,964

December 31, 2022:

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

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, 2021	$	11,291	$	18,448	$	96,378	$	126,117

Remeasurement to fair value	(896)		(3,942)		(23,260)		(28,098)
Balance at March 31, 2022	10,395		14,506		73,118		98,019

Balance at December 31, 2022	$	—	$	16,835	$	84,780	$	101,615


Remeasurement to fair value	—		(5,023)		(11,628)		(16,651)
Balance at March 31, 2023	$	—	$	11,812	$	73,152	$	84,964