Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

Schedule of Fair Value Measurements

The following tables present information about the Company’s financial instruments and their classifications as of March 31, 2022, and December 31, 2021, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.

Fair Value Measurements as of March 31, 2022, using:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets:
Money market funds (1)	$	94,784	$	—	$	—	$	94,784
Financial Liabilities:
Warrant liabilities (2)	$	—	$	2,075	$	—	$	2,075

(1) Money market funds are included within cash and cash equivalents in the Company’s condensed consolidated balance sheets. As a short-term, highly liquid investments readily convertible to known amounts of cash, the Company’s money market funds have carrying values that is fair value.

(2) Warrant liabilities represent liability classified warrants acquired from Harvest in October 2021 ("Harvest liability warrants") and included as part of the consideration transferred. See Note 4. Acquisitions. The fair value of the Harvest acquired warrants is determined

using the Black-Scholes options pricing model. March 31, 2022 inputs: Share Price: C$26.30; Exercise Price: C$11.25; Remaining term: 1.06 years; Annualized Volatility: 51.81%; Dividend yield: 0%; Discount Rate: 1.63%; C$ Exchange Rate: 0.8003.

Fair Value Measurements as of December 31, 2021, using:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets:
Money market funds (1)	$	94,161	$	—	$	—	$	94,161
Financial Liabilities:
Warrant liabilities (2)	$	—	$	2,895	$	—	$	2,895

(1) Money market funds are included within cash and cash equivalents in the Company’s condensed consolidated balance sheets. As a short-term, highly liquid investments readily convertible to known amounts of cash, the Company’s money market funds have carrying values that is fair value.

(2) Warrant liabilities represent liability classified warrants acquired from Harvest in October 2021 ("Harvest liability warrants") and included as part of the consideration transferred. See Note 4. Acquisitions. The fair value of the Harvest acquired warrants is determined using the Black-Scholes options pricing model. December 31, 2021, inputs: Share Price: C$32.91; Exercise Price: C$11.25; Remaining term: 1.31 years; Annualized Volatility: 49.57%; Dividend yield: 0%; Discount Rate: 0.56%; C$ Exchange Rate: 0.788.