Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments

Schedule of change in fair value as determined by Level 3 inputs for the contingent consideration liabilities

	(in thousands)
Balance at March 10, 2022	$	12,158
Change in fair value		(1,506)
Balance at June 30, 2022	$	10,652
Change in fair value		199
Balance at September 30, 2022	$	10,851
Contingent consideration, current portion	$	8,614
Contingent consideration, net of current portion		2,237
Balance at September 30, 2022	$	10,851

6. Fair Value of Financial Instruments – (continued)

	(in thousands)
Balance at December 31, 2022	$	10,184
Change in fair value		135
Balance at March 30, 2023		10,319
Change in fair value		432
Balance at June 30, 2023	$	10,751
Change in fair value		(1,566)
Reclassification of amounts to accrued expenses due to milestone being achieved		(3,250)
Balance at September 30, 2023	$	5,935
Contingent consideration, current portion	$	—
Contingent consideration, net of current portion		5,935
Balance at September 30, 2023	$	5,935

Schedule of fair value of financial instruments measured on a recurring basis

	As of September 30, 2023
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent consideration	$	5,935	$	—	$	—	$	5,935
Loans payable		215		—		215		—
Total liabilities	$	6,150	$	—	$	215	$	5,935

	As of December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent consideration	$	10,184	$	—	$	—	$	10,184
Loans payable		278		—		278		—
Total liabilities	$	10,462	$	—	$	278	$	10,184

Schedule of fair value measurements of contingent consideration liability is recorded include the following significant unobservable inputs

	As of September 30, 2023
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Discounted Cash Flows	Milestone dates	2025-2028
		Discount rate	13.8% to 14.4%
		Weighted Average Discount rate	14.09%
		Probability of Occurrence (periodic for each Milestone)	11.7% to 92.0%
		Probability of occurrence (cumulative through each Milestone)	6.9% to 24.6%

	As of December 31, 2022
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Discounted Cash Flows	Milestone dates	2023-2028
		Discount rate	13.4% to 14.1%
		Weighted Average Discount rate	13.6%
		Probability of Occurrence (periodic for each Milestone)	11.7% to 95.0%
		Probability of occurrence (cumulative through each Milestone)	6.9% to 95.0%