Annual report pursuant to Section 13 and 15(d)

Stock Warrants (Tables)

v3.22.4
Stock Warrants (Tables)
12 Months Ended
Dec. 31, 2022
Subsidiary Sale Of Stock [Line Items]  
Summary of Black- Scholes model using the following inputs The inputs below correspond to June 10, 2021, the date of exercise:

 

 

 

 

 

 

 

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 that are measured at fair value as of December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation:

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

119,721

 

 

 

 

 

 

 

 

$

119,721

 

Short-term investments included in cash and cash equivalents

 

 

 

 

 

3,077

 

 

 

 

 

 

3,077

 

Total cash and cash equivalents

 

$

119,721

 

 

$

3,077

 

 

$

 

 

$

122,798

 

Government bonds

 

 

 

 

 

21,770

 

 

 

 

 

 

21,770

 

Commercial paper

 

 

 

 

 

12,569

 

 

 

 

 

 

12,569

 

Corporate bonds

 

 

 

 

 

3,927

 

 

 

 

 

 

3,927

 

Asset-backed securities

 

 

 

 

 

2,920

 

 

 

 

 

 

2,920

 

U.S. Treasury bills

 

 

2,450

 

 

 

 

 

 

 

 

 

2,450

 

Total assets

 

$

122,171

 

 

$

44,263

 

 

$

 

 

$

166,434

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability

 

$

 

 

$

 

 

$

2,415

 

 

$

2,415

 

Private placement warrant liability

 

 

 

 

 

 

 

 

661

 

 

 

661

 

Teton acquisition contingent earnout liability

 

 

 

 

 

 

 

 

602

 

 

 

602

 

Total liabilities

 

$

 

 

$

 

 

$

3,678

 

 

$

3,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

286,890

 

 

$

 

 

$

 

 

 

286,890

 

Total assets

 

$

286,890

 

 

$

 

 

$

 

 

$

286,890

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability

 

 

 

 

 

 

 

 

59,722

 

 

 

59,722

 

Private placement warrant liability

 

 

 

 

 

 

 

 

2,646

 

 

 

2,646

 

Total liabilities

 

$

 

 

$

 

 

$

62,368

 

 

$

62,368

 

Private Placement [Member]  
Subsidiary Sale Of Stock [Line Items]  
Summary of Fair Value Hierarchy of The Valuation

The Private Placement Warrants were valued using the following assumptions under the Binomial Lattice Model

 

 

 

December 31,
2022

 

 

December 31,
2021

 

 

July 14,
2021

 

Market price of public stock

 

$

1.16

 

 

$

5.37

 

 

$

8.56

 

Exercise price

 

$

11.50

 

 

$

11.50

 

 

$

11.50

 

Expected term (years)

 

3.54

 

 

4.53

 

 

5.01

 

Volatility

 

 

177.0

%

 

 

56.0

%

 

 

39.1

%

Risk-free interest rate

 

 

4.12

%

 

 

1.19

%

 

 

0.85

%

Dividend rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%