Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.22.1
Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis:

 

 

 

March 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

2,990

 

 

$

 

 

$

 

 

$

2,990

 

Private Placement warrants

 

 

 

 

 

2,657

 

 

 

 

 

 

2,657

 

Contingent Earnout liability

 

 

 

 

 

 

 

 

10,852

 

 

 

10,852

 

 

 

$

2,990

 

 

$

2,657

 

 

$

10,852

 

 

$

16,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

5,060

 

 

$

 

 

$

 

 

$

5,060

 

Private Placement warrants

 

 

 

 

 

6,422

 

 

 

 

 

 

6,422

 

Contingent Earnout liability

 

 

 

 

 

 

 

 

11,369

 

 

 

11,369

 

 

 

$

5,060

 

 

$

6,422

 

 

$

11,369

 

 

$

22,851

 

Summary of Change in Fair Value of The Warrant Liabilities

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

 

 

 

Contingent Earnout Liability

 

 

Warrant
Liability

 

Fair value as of December 31, 2020

 

$

 

 

$

4,007

 

Issuance of warrants to Silicon Valley Bank

 

 

 

 

 

308

 

Change in fair value of warrant liabilities

 

 

 

 

 

5,991

 

Fair value as of March 31, 2021

 

$

 

 

$

10,306

 

Fair value as of December 31, 2021

 

$

11,369

 

 

$

 

Change in fair value of contingent earnout liability

 

 

(517

)

 

 

 

Fair value as of March 31, 2022

 

$

10,852

 

 

$

 

Private Warrants  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Schedule of Quantitative Information Regarding Warrant Liability

The table below quantifies the significant inputs used for the Private Warrants:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Fair value of the Company’s common stock

 

$

2.10

 

 

$

3.38

 

Exercise price

 

$

11.50

 

 

$

11.50

 

Risk-free interest rate

 

 

2.42

%

 

 

1.26

%

Expected volatility factor

 

 

70.0

%

 

 

70.0

%

Expected dividend yield

 

 

%

 

 

%

Remaining contractual term (in years)

 

 

4.4

 

 

 

4.6

 

Contingent Earnout Liability  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Schedule of Quantitative Information Regarding Warrant Liability

The table below quantifies the significant inputs used for the Contingent Earnout Liability:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Fair value of the Company’s common stock

 

$

2.10

 

 

$

3.38

 

Risk-free interest rate

 

 

2.42

%

 

 

1.26

%

Expected volatility factor

 

 

70.0

%

 

 

70.0

%

Expected dividend yield

 

 

%

 

 

%

Remaining contractual term (in years)

 

 

0.004

 

 

 

0.004