Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Measurements  
Schedule of Financial Assets and Liabilities Carried at Fair Value on Recurring Basis

The following tables set forth the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as follows (in thousands):

Fair Value Measurements at September 30, 2021 Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Assets:

Equity securities

$

1,211

$

$

$

1,211

Liabilities:

Contingent consideration

$

$

$

75

$

75

Fair Value Measurements at December 31, 2020 Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Assets:

  

  

  

  

Equity securities

$

$

$

1,693

$

1,693

Liabilities:

Contingent consideration

$

$

$

75

$

75

Summary of Changes in Estimated Fair Value of Level 3 Financial Assets

The following table reconciles the beginning and ending balance for the Level 3 financial assets recurring fair value measurement for the nine months ended September 30, 2021 (in thousands):

Nine Months Ended

September 30, 

Balance at December 31, 2020

$

1,693

Change in fair value

 

617

Transfer out of Level 3 as of June 30, 2021

(2,310)

Balance at September 30, 2021

$

Schedule of Estimated Fair Value of Equity Securities Assumptions

September 30, 

December 31, 

2021

2020

 

Closing common stock price

$

7.48

$

11.99

Tranche 1:

Discount for lack of marketability

 

N/A(1)

%  

12

%

Estimated time to liquidity of shares

 

0.25 year

Tranche 2:

Discount for lack of marketability

N/A(1)

%

14

%

Estimated time to liquidity of shares

0.67 years