Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	Fair Value (in thousands) Measured as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	25,654	$	—	$	—	$	25,654

Commercial paper	—		950		—		950
Total cash equivalents	$	25,654	$	950	$	—	$	26,604
Marketable investments:
U.S. Treasury	$	161,465	$	—	$	—	$	161,465
U.S. agency and government sponsored securities	—		4,970		—		4,970
Commercial paper	—		39,834		—		39,834
Corporate bonds	—		165,190		—		165,190
Asset-backed securities	—		46,466		—		46,466
Marketable equity investments	44,216		—		—		44,216
Total marketable investments	$	205,681	$	256,460	$	—	$	462,141
Liabilities:

Private Warrants	—		—		31,230		31,230
Total warrant liabilities	$	—	$	—	$	31,230	$	31,230


	Fair Value (in thousands) Measured as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	64,971	$	—	$	—	$	64,971
U.S. Treasury	24,999		—		—		24,999

Commercial paper	—		108,322		—		108,322

Total cash equivalents	$	89,970	$	108,322	$	—	$	198,292
Marketable investments:
U.S. Treasury	$	130,348	$	—	$	—	$	130,348
U.S. agency and government sponsored securities	—		19,996		—		19,996
Commercial paper	—		73,898		—		73,898
Corporate bonds	—		45,450		—		45,450
Asset-backed securities	—		7,018		—		7,018
Total marketable investments	$	130,348	$	146,362	$	—	$	276,710
Liabilities:
Public Warrants	$	228,933	$	—	$	—	$	228,933
Private Warrants	—		114,467		—		114,467
Total warrant liabilities	$	228,933	$	114,467	$	—	$	343,400

Schedule of Changes in Liabilities Measured at Fair Value

The following table presents changes in Public and Private Warrant liabilities, which as of December 31, 2020, were classified in the fair value hierarchy as Level 1 and Level 2, respectively, (in thousands):


	Public Warrants		Private Warrants
Balance as of December 31, 2020	$	228,933	$	114,467
Change in fair value prior to exercise in March 2021	35,943		15,296
Change in fair value prior to redemption in March 2021	(3,511)		—
Exercise or redemption in March 2021	(261,365)		(76,931)
Private Warrants transferred to Level 3 in March 2021	—		(52,832)

Balance as of December 31, 2021	$	—	$	—

Level 3 Disclosures

The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of December 31, 2021 (in thousands):


	Private Warrants
Balance as of December 31, 2020	$	—
Private warrants transferred from Level 2	52,832

Measurement adjustments	(21,602)
Balance as of December 31, 2021	$	31,230

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2020 (in thousands):


	2017 Warrants		2018 Warrants		2020 Warrants		Total Legacy Warrants
Balance as of December 31, 2019	$	1,035	$	87	$	—	$	1,122
Additions	—		—		1,728		1,728
Exercise or conversion	(13,714)		(1,700)		(14,698)		(30,112)
Measurement adjustments	12,679		1,613		12,970		27,262
Balance as of December 31, 2020	$	—	$	—	$	—	$	—