Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Measurements

Schedule of fair value hierarchy of the Company's financial assets and liabilities measured at fair value on a recurring basis

The following table represents the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Assets
Money market funds⁽¹⁾	$	42,168	$	42,168		—		—
Commercial paper		14,532		—		14,532		—
Corporate debt securities		36,896		—		36,896		—
Asset backed securities		14,734		—		14,734		—
Government and agency securities		38,930		34,489		4,441		—
PHC Option		1,085		—		—		1,085
Liabilities
Energy Capital Option	$	19,476	$	—		—		19,476
Embedded features of the 2023 Notes		438		—		438		—
Embedded features of the PHC Notes		46,760		—		—		46,760
Embedded features of the 2025 Notes		7,977		—		7,977		—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets
Money market funds⁽¹⁾	$	29,197	$	29,197		—		—
Corporate debt securities		39,748		—		39,748		—
Commercial paper		57,369		—		57,369		—
Asset backed securities		26,707		—		26,707		—
Government and agency securities		24,503		19,957		4,546		—
PHC Option		239		—		—		239
Liabilities
Energy Capital Option	$	69,401	$	—		—		69,401
Embedded features of the 2023 Notes		5,817		—		—		5,817
Embedded features of the PHC Notes		149,058		—		—		149,058
Embedded features of the 2025 Notes		81,417		—		81,417		—

(1)Classified as cash and cash equivalents due to their short-term maturity

Schedule of changes in the fair value of Level 3 derivative liability measured at fair value

The following table provides a reconciliation of the beginning and ending net balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands):

	Level 3
	Instruments
December 31, 2021	$	224,037
Gain on fair value adjustment of option		(49,925)
Gain on change in fair value of derivatives		(107,677)
Gain on extinguishment of option		—
Financial asset (gain) impairment cost, net		(846)
Change in fair value hierarchy classification		(438)
June 30, 2022	$	65,151

Schedule of assumptions used to determine fair value

The recurring Level 3 fair value measurements of the embedded features of the notes payable and preferred stock, include the following significant unobservable inputs at June 30, 2022:

	PHC Notes		PHC Option		Energy Capital Option
Unobservable Inputs	Assumptions		Assumptions		Assumptions
Stock price volatility	113.0	%	107.0	%	97.0	%
Probabilities of conversion provisions	5.0 - 10.0	%	5.0 - 10.0	%	5.0 - 10.0	%
Time period until maturity (yrs)	2.34		0.50		0.00 - 0.36
Dividend yield	—	%	—	%	—	%