Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 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 March 31, 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

$

$

$

1,021

$

1,021

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 provides a summary of changes in the estimated fair value of the Company’s Level 3 financial assets for the three months ended March 31, 2021 (in thousands):

Three Months Ended

March 31, 

Balance at December 31, 2020

$

1,693

Change in fair value

 

(672)

Balance at March 31, 2021

$

1,021

Schedule of Estimated Fair Value of Equity Securities Assumptions

The estimated fair value of the equity securities was calculated based on the following assumptions as of March 31, 2021 and December 31, 2020:

March 31, 

December 31, 

2021

2020

 

Closing common stock price (1)

$

7.06

$

11.99

Tranche 1:

Discount for lack of marketability

 

10.5

%  

12

%

Estimated time to liquidity of shares

 

0.25 year

0.25 year

Tranche 2:

Discount for lack of marketability

11

%

14

%

Estimated time to liquidity of shares

0.53 year

0.67 years

Outstanding Long Term Debt Carrying Amount and Estimated Fair Value The carrying amount and the estimated fair value of the Company’s outstanding long-term debt at March 31, 2021 and December 31, 2020, are as follows (in thousands):

March 31, 2021

December 31, 2020

    

Carrying Amount

    

Fair Value

    

Carrying Amount

    

Fair Value

SVB Loans

$

9,762

$

9,752

$

11,759

$

11,747

Novartis note

9,093

9,092

9,093

9,055

Total

$

18,855

$

18,844

$

20,852

$

20,802