Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.21.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company has classified assets and liabilities measured at fair value on a recurring basis as follows:

 

 

 

Fair value measurements at reporting date using

 

 

 

Quoted prices
in active
markets for
identical
assets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2) 

 

 

Significant
unobservable
inputs
(Level 3)

 

At June 30, 2021:

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents (See Note 5)

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

17,386

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

—

 

 

 

4,879

 

 

 

—

 

Total cash equivalents

 

$

17,386

 

 

$

4,879

 

 

$

—

 

Short-term investments (See Note 5)

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

12,147

 

 

 

—

 

Total financial assets

 

$

17,386

 

 

$

17,026

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

Warrants (See Note 13(c))

 

$

—

 

 

$

—

 

 

$

24

 

Contingent consideration (See Note 12(b))

 

 

—

 

 

 

—

 

 

 

62,896

 

 

$

—

 

 

$

—

 

 

$

62,920

 

 

 

 

 

 

 

 

 

 

At December 31, 2020:

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents (See Note 5)

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

24,210

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

—

 

 

 

4,500

 

 

 

—

 

Total cash equivalents

 

$

24,210

 

 

$

4,500

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

Warrants (See Note 13(c))

 

$

—

 

 

$

—

 

 

$

65

 

Contingent consideration (See Note 12(b))

 

 

—

 

 

 

—

 

 

 

65,043

 

 

$

—

 

 

$

—

 

 

$

65,108

 
Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

 

 

 

Warrants

 

 

Contingent
Consideration

 

Balance at December 31, 2019

 

$

—

 

 

$

66,358

 

Additions

 

 

8,111

 

 

 

—

 

Exercise of warrants

 

 

(2,922

)

 

 

—

 

Payment of contingent consideration

 

 

—

 

 

 

(3,560

)

Remeasurement

 

 

16,734

 

 

 

2,245

 

Reclassification to equity upon warrant exchange

 

 

(21,858

)

 

 

—

 

Balance at December 31, 2020

 

$

65

 

 

$

65,043

 

Payment of contingent consideration

 

 

—

 

 

 

(7,869

)

Remeasurement

 

 

(41

)

 

 

5,722

 

Total at June 30, 2021

 

$

24

 

 

$

62,896

 

 

 

 

 

 

 

Current portion as of June 30, 2021

 

$

—

 

 

$

6,098

 

Long-term portion as of June 30, 2021

 

 

24

 

 

 

56,798