FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

FAIR VALUE MEASUREMENTS

Summary of the net (loss) gain on changes in fair value related to warrants

The following table summarizes the net (loss) gain on changes in fair value (in thousands) related to the Public Warrants, the Private Warrants, and the Foxconn Warrants:

	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Public Warrants	$	—	$	—	$	—	$	(27,180)
Private Warrants		(523)		3,344		(246)		12,263
Foxconn Warrants		(238)		—		(238)		—
Net (loss) gain on changes in fair value	$	(761)	$	3,344	$	(484)	$	(14,918)

Summary of the valuation of financial instruments

The following tables summarize the valuation of our financial instruments (in thousands):

	Total		Quoted prices in active markets (Level 1)		Prices with observable inputs (Level 2)		Prices with unobservable inputs (Level 3)
September 30, 2022
Cash and cash equivalents	$	154,232	$	154,232	$	—	$	—
Short-term investments		49,304		—		49,304		—
Private Warrants		731		—		—		731
Foxconn Warrants		561		—		—		561

	Total		Quoted prices in active markets (Level 1)		Prices with observable inputs (Level 2)		Prices with unobservable inputs (Level 3)
December 31, 2021
Cash and cash equivalents	$	244,016	$	244,016	$	—	$	—
Short-term investments		—		—		—		—
Private Warrants		485		—		—		485

Schedule of loss on fair value recognized in earnings

The following table summarizes the changes in our Level 3 financial instruments (in thousands):

	Balance at December 31, 2021		Additions		Settlements		Loss on fair value adjustments included in earnings		Balance at September 30, 2022
Private Warrants	$	485		—		—		246	$	731
Foxconn Warrants		—		323		—		238		561