FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2023:
Equity securities	$	64,511	$	—	$	—	$	64,511


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



Liabilities
September 30, 2023:

Series A embedded derivative liabilities	$	—	$	—	$	—	$	—
Series B warrants	—		—		—		—
Total	$	—	$	—	$	—	$	—

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	(1,895)		3,941		(36,636)		(34,590)
Balance at September 30, 2022	9,396		22,389		59,742		91,527

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

Exercise of warrants	—		—		(82,018)		(82,018)
Conversion of redeemable convertible preferred stock	—		(12,881)		—		(12,881)
Remeasurement to fair value	—		(3,954)		(2,762)		(6,716)
Balance at September 30, 2023	$	—	$	—	$	—	$	—