Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value of Financial Instruments

v3.25.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
22. Fair Value of Financial Instruments
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
December 31, 2024 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 1,728  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  713 
Private Placement Warrants - Issued March 2023 —  —  13,820 
Sponsor Shares —  —  1,703 
$ 1,728  $ —  $ 16,236 
December 31, 2023 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 795  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  583 
Private Placement Warrants - Issued March 2023 —  —  12,467 
Sponsor Shares —  —  1,304 
$ 795  $ —  $ 14,354 
The carrying values of the following financial instruments approximated their fair values as of December 31, 2024 and 2023 based on their short-term maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, short-term debt, and other current liabilities. See Note 7—“Business Acquisition” for additional information on the fair value of assets acquired via business acquisition.
There were no transfers into or out of any of the levels of the fair value hierarchy during the years ended December 31, 2024 or 2023.
Changes in the fair value of the Level 3 liabilities during the year ended December 31, 2023 of $11.3 million included the Sponsor Shares, the October 2019 Private Placement Warrants, and the March 2023 Private Placement Warrants. The following is a summary of changes in the fair value of the Level 3 liabilities during the year ended December 31, 2024:
Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023
(in thousands)
Balance as of January 1, 2024 $ 1,304  $ 583  $ 12,467 
Loss from changes in fair value
 399  130  1,353 
Balance as of December 31, 2024 $ 1,703  $ 713  $ 13,820