Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.22.2.2
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 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:

 

 

 

June 30, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

5,084

 

 

$

 

 

$

 

 

$

5,084

 

Commercial paper

 

 

 

 

 

1,300

 

 

 

 

 

 

1,300

 

U.S. government and agency securities

 

 

 

 

 

2,997

 

 

 

 

 

 

2,997

 

 

 

$

5,084

 

 

$

4,297

 

 

$

 

 

$

9,381

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

 

 

$

3,845

 

 

$

 

 

$

3,845

 

Corporate securities

 

 

 

 

 

9,045

 

 

 

 

 

 

9,045

 

U.S. government and agency securities

 

 

 

 

 

7,666

 

 

 

 

 

 

7,666

 

 

 

$

 

 

$

20,556

 

 

$

 

 

$

20,556

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

1,610

 

 

$

 

 

$

 

 

$

1,610

 

Private placement warrants

 

 

 

 

 

740

 

 

 

 

 

 

740

 

Blue Torch and GPO warrants

 

 

 

 

 

2,978

 

 

 

 

 

 

2,978

 

Contingent Earnout liability

 

 

 

 

 

 

 

 

773

 

 

 

773

 

 

 

$

1,610

 

 

$

3,718

 

 

$

773

 

 

$

6,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

10,026

 

 

 

10,026

 

 

 

$

5,060

 

 

$

6,422

 

 

$

10,026

 

 

$

21,508

 

 

Summary of Change in Fair Value of Level 3 Financial Instruments

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

 

Exercise of warrants

 

 

 

 

 

(891

)

Change in fair value of warrant liabilities

 

 

 

 

 

10,176

 

Fair value as of June 30, 2021

 

$

 

 

$

13,600

 

Fair value as of December 31, 2021

 

$

10,026

 

 

$

 

Change in fair value of contingent earnout liability

 

 

(9,253

)

 

 

 

Fair value as of June 30, 2022

 

$

773

 

 

$

 

Schedule of Cash and Cash Equivalents and Investments

The following table summarizes the Company's cash, cash equivalent and available-for-sale securities by significant marketable securities category:

 

 

 

June 30, 2022

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

63,150

 

 

 

 

 

 

 

 

$

63,150

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

5,084

 

 

 

 

 

 

 

 

 

5,084

 

Commercial paper

 

 

1,300

 

 

 

 

 

 

 

 

 

1,300

 

U.S. government and agency securities

 

 

2,998

 

 

 

 

 

 

(1

)

 

 

2,997

 

 

 

$

72,532

 

 

$

 

 

$

(1

)

 

$

72,531

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

3,873

 

 

$

 

 

$

(28

)

 

$

3,845

 

Corporate securities

 

 

9,080

 

 

 

 

 

 

(35

)

 

 

9,045

 

U.S. government and agency securities

 

 

7,685

 

 

 

 

 

 

(19

)

 

 

7,666

 

 

 

$

20,638

 

 

$

 

 

$

(82

)

 

$

20,556

 

Amortized cost and estimated fair value of marketable securities

The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:

 

 

 

 

 

 

 

June 30, 2022

 

 

 

 

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

 

 

 

 

$

20,638

 

 

$

20,556

 

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:

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Fair value of the Company’s common stock

 

$

1.16

 

 

$

3.38

 

Exercise price

 

$

11.50

 

 

$

11.50

 

Risk-free interest rate

 

 

2.98

%

 

 

1.26

%

Expected volatility factor

 

 

70.0

%

 

 

70.0

%

Expected dividend yield

 

 

%

 

 

%

Remaining contractual term (in years)

 

 

4.1

 

 

 

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:

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Fair value of the Company’s common stock

 

$

1.16

 

 

$

3.38

 

Risk-free interest rate

 

 

2.98

%

 

 

1.26

%

Expected volatility factor

 

 

70.0

%

 

 

70.0

%

Expected dividend yield

 

 

%

 

 

%

Remaining contractual term (in years)

 

 

0.004

 

 

 

0.004