| 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 |
|
|
| 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 |
% |
|