Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables are summaries of fair value measurements and hierarchy level as of:

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	—	$	—	$	—	$	—
Equity securities	516		—		—		516
Fixed maturity debt securities, including cash equivalents	—		155,407		—		155,407
Total Assets	$	516	$	155,407	$	—	$	155,923
Liabilities:
Merger warrants liability	8,915		5,316		—		14,231
Earnout shares	—		—		17,663		17,663
Total Liabilities	$	8,915	$	5,316	$	17,663	$	31,894

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	405	$	—	$	—	$	405
Equity securities	375		—		—		375
Fixed maturity debt securities	246		411		—		657
Total Assets	$	1,026	$	411	$	—	$	1,437
Liabilities:
Redeemable convertible preferred stock tranche obligation	$	—	$	—	$	2,832	$	2,832
Historic warrants liability	—		—		144		144
Total Liabilities	$	—	$	—	$	2,976	$	2,976

Schedule of Reconciliation of the Redeemable Convertible Preferred Stock and Warrant Liability

The following tables set forth a summary of changes in the estimated fair value of the Company’s Level 3 redeemable convertible preferred stock tranche obligation, historic warrants liability and earnout shares for the nine months ended September 30, 2021 and 2020:

	January 1, 2021		Issuances		Settlements		Change in fair value		September 30, 2021
Redeemable convertible preferred stock tranche obligation	$	2,832	$	—	$	(2,832)	$	—	$	—
Historic warrants liability	144		—		(144)		—		—
Earnout shares	—		74,284		—		(56,621)		17,663
Total	$	2,976	$	74,284	$	(2,976)	$	(56,621)	$	17,663

	January 1, 2020		Issuances		Settlements		Change in fair value		September 30, 2020
Redeemable convertible preferred stock tranche obligation	$	3,755	$	—	$	—	$	(962)	$	2,793
Historic warrants liability	115		15		—		(30)		100
Total	$	3,870	$	15	$	—	$	(992)	$	2,893

Schedule of Significant Inputs Used

The table below summarizes the significant observable inputs used when valuing the earnout shares as of:

	September 30, 2021		January 21, 2021
Expected volatility	80.00	%	80.00	%
Starting stock price	$3.81		$11.31
Expected term (in years)	4.3 years		5 years
Risk-free interest rate	0.79	%	0.45	%
Earnout hurdle	$12.50-$15.00		$12.50-$15.00