Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.24.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):

December 31, 2023

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (cash equivalents)

 

 

14,252

 

 

 

 

 

 

 

 

 

14,252

 

Restricted cash

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total assets

 

$

14,302

 

 

$

 

 

$

 

 

$

14,302

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

528

 

 

 

528

 

Total liabilities

 

$

 

 

$

 

 

$

528

 

 

$

528

 

 

December 31, 2022

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (cash equivalents)

 

 

22,756

 

 

 

 

 

 

 

 

 

22,756

 

Restricted cash

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total assets

 

$

22,806

 

 

$

 

 

$

 

 

$

22,806

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

 

 

$

 

 

$

 

 

$

 

Summary of Cash and Cash Equivalents

Cash and cash equivalents (in thousands):

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2023

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market securities

 

 

14,252

 

 

 

 

 

 

 

 

 

14,252

 

Total cash and cash equivalents

 

$

14,252

 

 

$

 

$

 

 

$

14,252

 

Money market securities (restricted cash)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total restricted cash

 

$

50

 

 

$

 

 

$

 

 

$

50

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2022

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market securities

 

 

22,756

 

 

 

 

 

 

 

 

 

22,756

 

Total cash and cash equivalents

 

$

22,756

 

 

$

 

 

$

 

 

$

22,756

 

Money market securities (restricted cash)

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Total restricted cash

 

$

50

 

 

$

 

 

$

 

 

$

50

 

Schedule of Aggregate Fair Value of Principal Amount of Convertible Debt The aggregate fair value of the principal amount of the convertible debt is a Level 2 fair value measurement.

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

Principal

 

 

Carrying

 

 

Fair

 

 

Principal

 

 

Carrying

 

 

Fair

 

 

 

Amount

 

 

Value

 

 

Value

 

 

Amount

 

 

Value

 

 

Value

 

December 2021 Convertible Debt

 

$

15,000

 

 

$

16,662

 

 

$

16,652

 

 

$

15,000

 

 

$

16,071

 

 

$

16,987

 

As of December 31, 2023, the Convertible Debt balance was comprised of the following:

 

 

 

Year Ended

 

 

December 31,

 

 

2023

 

 

2022

 

 

Convertible Debt Information

 

 

 

 

 

 

 

Principal

 

$

15,000

 

 

$

15,000

 

 

Transaction Costs

 

 

(5

)

 

 

(67

)

 

Accrued paid-in-kind interest

 

 

2,311

 

 

 

1,138

 

 

Discount on modification of debt

 

 

(1,074

)

 

 

 

 

Accretion of discount on modification of debt

 

 

430

 

 

 

 

 

 

 

 

16,662

 

 

 

16,071