Quarterly report pursuant to Section 13 or 15(d)

Stock Warrants (Tables)

v3.22.2.2
Stock Warrants (Tables)
 9 Months Ended
Sep. 30, 2022
Subsidiary, Sale of Stock [Line Items]  
Summary of Black- Scholes model using the following inputs The fair value is measured at each reporting date using the Black-Scholes model using the following inputs. The inputs below correspond to June 10, 2021:

 

 

 

 

 

 

 

June 10,
2021

 

Expected (remaining) option term (in years)

 

3.69

 

Expected volatility%

 

 

65.0

%

Risk-free interest rate%

 

 

0.45

%

Expected dividend yield%

 

 

0

%

Fair value of common stock (per share)

 

$

9.51

 
Summary of Fair Value Hierarchy of The Valuation

The following table presents information about the Company’s assets and liabilities that are measured at fair value as of September 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation:

 

 

 

Fair Value Measurements

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

180,501

 

 

$

—

 

 

$

—

 

 

$

180,501

 

Contingent earnout liability

 

 

—

 

 

 

—

 

 

 

8,740

 

 

 

8,740

 

Private placement warrant liability

 

 

—

 

 

 

—

 

 

 

945

 

 

 

945

 

Teton acquisition contingent earnout liability

 

 

—

 

 

 

—

 

 

 

602

 

 

 

602

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

286,890

 

 

$

—

 

 

$

—

 

 

$

286,890

 

Contingent earnout liability

 

 

—

 

 

 

—

 

 

 

59,722

 

 

 

59,722

 

Private placement warrant liability

 

 

—

 

 

 

—

 

 

 

2,646

 

 

 

2,646

 
Private Placement [Member]  
Subsidiary, Sale of Stock [Line Items]  
Summary of Fair Value Hierarchy of The Valuation he Private Placement Warrants were valued using the following assumptions under the Binomial Lattice Model:

 

 

 

September 30,
2022

 

 

September 30,
2021

 

 

July 14,
2021

 

Market price of public stock

 

$

1.98

 

 

$

6.56

 

 

$

8.56

 

Exercise price

 

$

11.50

 

 

$

11.50

 

 

$

11.50

 

Expected term (years)

 

3.79

 

 

4.79

 

 

5.01

 

Volatility

 

 

121.0

%

 

 

66.0

%

 

 

39.1

%

Risk-free interest rate

 

 

4.13

%

 

 

0.93

%

 

 

0.85

%

Dividend rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%