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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of assets at fair value on recurring basis The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
December 31, 2021
Level 1Level 2Level 3Total
Liabilities
Contingent consideration(1)
$— $— $28,700 $28,700 
Total fair value of liabilities measured on a recurring basis$— $— $28,700 $28,700 

December 31, 2020
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents (2)
$5,877 $— $— $5,877 
Total fair value of assets measured on a recurring basis$5,877 $— $— $5,877 
Liabilities
Warrants (3)
$— $— $13,730 $13,730 
Total fair value of liabilities measured on a recurring basis$— $— $13,730 $13,730 
(1) Represents the fair value of earn-out consideration related to the Vital Decisions transaction as described in Note 4.
(2) Represents the cash and cash equivalents and restricted cash and restricted investments that were held in money market funds as of December 31, 2020.
(3) Represents the fair value of 1,513,786 shares issuable under the warrant agreements discussed in Note 10. The warrants were settled in January 2021.
Summary of liabilities at fair value on recurring basis The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
December 31, 2021
Level 1Level 2Level 3Total
Liabilities
Contingent consideration(1)
$— $— $28,700 $28,700 
Total fair value of liabilities measured on a recurring basis$— $— $28,700 $28,700 

December 31, 2020
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents (2)
$5,877 $— $— $5,877 
Total fair value of assets measured on a recurring basis$5,877 $— $— $5,877 
Liabilities
Warrants (3)
$— $— $13,730 $13,730 
Total fair value of liabilities measured on a recurring basis$— $— $13,730 $13,730 
(1) Represents the fair value of earn-out consideration related to the Vital Decisions transaction as described in Note 4.
(2) Represents the cash and cash equivalents and restricted cash and restricted investments that were held in money market funds as of December 31, 2020.
(3) Represents the fair value of 1,513,786 shares issuable under the warrant agreements discussed in Note 10. The warrants were settled in January 2021.
Changes in contingent consideration measured at fair value
The changes in our liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value for the years ended December 31, 2021 and 2020 are as follows (in thousands):
For the Year Ended December 31,
20212020
Balance as of beginning of period$13,730 $16,975 
Additions14,600 — 
Settlements(13,730)(3,500)
Realized and unrealized losses, net14,100 255 
Balance as of end of period$28,700 $13,730 
Valuation techniques and significant unobservable inputs of Level 3 fair value measurements
The following table summarizes the fair value (in thousands), valuation techniques and significant unobservable inputs of our Level 3 fair value measurements as of the periods presented:

December 31, 2021
Fair ValuationSignificantAssumption or
ValueTechniqueUnobservable InputsInput Ranges
Contingent consideration$28,700 Real options approachRisk-neutral expected earnout consideration$30,935 
Discount rate6.04 %

December 31, 2020
Fair ValuationSignificantAssumption or
ValueTechniqueUnobservable InputsInput Ranges
Warrants$13,730 Black-ScholesStock price volatility62.2 %
Annual risk free rate0.2 %