Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

v3.23.1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level within the fair value hierarchy (in thousands):
March 31, 2023
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 78,213  $ —  $ —  $ 78,213 
Total $ 78,213  $ —  $ —  $ 78,213 
Financial Liabilities:
Additional Shares —  —  803  803 
Earn-Out Shares —  —  4,265  4,265 
Private Placement Warrants —  364  —  364 
Public Warrants 437  —  —  437 
Structural Derivative Liability —  —  7,650  7,650 
Total $ 437  $ 364  $ 12,718  $ 13,519 
December 31, 2022
Level 1 Level 2 Level 3 Total
Financial Assets:
Cash equivalents:
Money market funds $ 74,990  $ —  $ —  $ 74,990 
Total $ 74,990  $ —  $ —  $ 74,990 
Financial Liabilities:
Additional Shares —  —  580  580 
Earn-Out Shares —  —  4,122  4,122 
Private Placement Warrants —  670  —  670 
Public Warrants 805  —  —  805 
Structural Derivative Liability —  —  7,050  7,050 
Total $ 805  $ 670  $ 11,752  $ 13,227 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a summary of changes in the estimated fair value of the Additional Shares liability (in thousands):
Balance at December 31, 2022 $ 580 
Change in fair value of Additional Shares Liability 223 
Balance at March 31, 2023 $ 803 
The following table provides a summary of changes in the estimated fair value of the Earn-Out liability (in thousands):
Balance at December 31, 2022 $ 4,122 
Cancellation of Earn-Out Shares $ (347)
Change in fair value 490 
Balance at March 31, 2023 $ 4,265 
The following table provides a summary of changes in the estimated fair value of the Structural Derivative Liability (in thousands):
Balance at December 31, 2022 $ 7,050 
Change in fair value 600 
Balance at March 31, 2023 $ 7,650 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Observable Input Reconciliation
Private Placement Warrants Public Warrants
Balance at December 31, 2022 $ 670  $ 805 
Changes in fair value (306) (368)
Balance at March 31, 2023 $ 364  $ 437