| Summary of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis |
The fair value measurements of financial assets and liabilities that are measured at fair value at June 30, 2023 and December 31, 2022 are as follows: | | | | | | | | | | | | June 30, 2023 | | | Quoted Prices | | | | | | | | | in Active | | Significant | | | | | | Markets for | | Other | | Significant | | | Identical | | Observable | | Unobservable | | | Assets | | Inputs | | Inputs | (In thousands) | | (Level 1) | | (Level 2) | | (Level 3) | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 16,947 | | $ | — | | $ | — | Short-term investments: | | | | | | | | | | U.S. treasury securities | | | 20,911 | | | — | | | — | U.S. government agency bonds | | | — | | | 45,084 | | | — | Corporate bonds | | | — | | | 11,292 | | | — | Commercial paper | | | — | | | 6,478 | | | — | Forward warrant agreement | | | — | | | — | | | 1,085 | Total Assets | | $ | 37,858 | | $ | 62,854 | | $ | 1,085 | Liabilities | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 1,245 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 1,400 | Earn-out liabilities | | | — | | | — | | | 1,837 | Total Liabilities | | $ | 1,245 | | $ | — | | $ | 3,237 |
| | | | | | | | | | | | December 31, 2022 | | | Quoted Prices | | | | | | | | | in Active | | Significant | | | | | | Markets for | | Other | | Significant | | | Identical | | Observable | | Unobservable | | | Assets | | Inputs | | Inputs | (In thousands) | | (Level 1) | | (Level 2) | | (Level 3) | Assets: | | | | | | | | | | Cash Equivalents: | | | | | | | | | | Money Market Funds | | $ | 36,346 | | $ | — | | $ | — | Short-term investments: | | | | | | | | | | U.S treasury securities | | | 58,210 | | | — | | | — | Corporate bonds | | | — | | | 3,571 | | | — | Commercial paper | | | — | | | 23,142 | | | — | Forward Warrant Agreement | | | — | | | — | | | 2,229 | Total Assets | | $ | 94,556 | | $ | 26,713 | | $ | 2,229 | Liabilities | | | | | | | | | | Derivative warrant liability – Public Warrants | | $ | 699 | | $ | — | | $ | — | Derivative warrant liability – Private Warrants | | | — | | | — | | | 1,068 | Earn-out liabilities | | | — | | | — | | | 1,206 | Total Liabilities | | $ | 699 | | $ | — | | $ | 2,274 |
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| Change in Fair Value of Derivative Liabilities |
A summary of the changes in the fair value of the Company’s Level 3 financial instruments in the six months ended June 30, 2023 and June 30, 2022 are as follows: | | | | | | | | | | | | | | | Derivative | | Derivative | | Forward | | | | | | warrant liability - | | warrant liability - | | Warrant | | Earn-out | (in thousands) | | Trinity Warrants | | Private Warrants | | Agreement | | Liability | Balance – December 31, 2022 | | $ | — | | $ | 1,068 | | $ | (2,229) | | $ | 1,206 | Change in fair value - three months ended March 31, 2023 | | | — | | | 623 | | | 1,100 | | | 281 | Transfer from Private Warrants to Public Warrants | | | — | | | (158) | | | — | | | — | Change in fair value - three months ended June 30, 2023 | | | — | | | (133) | | | 44 | | | 350 | Balance – June 30, 2023 | | $ | — | | $ | 1,400 | | $ | (1,085) | | $ | 1,837 | | | | | | | | | | | | | | Balance – December 31, 2021 | | $ | 4,355 | | $ | — | | $ | 230 | | $ | — | Initial measurement upon Business Combination March 2, 2022 (Note 3) | | | — | | | 9,612 | | | — | | | 20,413 | Change in fair value - three months ended March 31, 2022 | | | 517 | | | 801 | | | (2,970) | | | (5,991) | Change in fair value - three months ended June 30, 2022 | | | 1,498 | | | (3,871) | | | (2,108) | | | (6,566) | Extinguishment due to exercise of the warrants | | | (6,370) | | | — | | | 3,305 | | | — | Balance – June 30, 2022 | | $ | — | | $ | 6,542 | | $ | (1,543) | | $ | 7,856 |
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