Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

The Company's fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	74,930	$	—	$	—	$	74,930
Government bonds	—		11,082		—		11,082
Short-term investments:
Corporate bonds	—		177,221		—		177,221
Government bonds	—		40,952		—		40,952
Asset-backed bonds	—		16,924		—		16,924
Restricted cash:
Money market funds	856		—		—		856
Total assets	75,786		246,179		—		321,965
Liabilities
Warrant liabilities	33,370		—		—		33,370
Total liabilities	$	33,370	$	—	$	—	$	33,370

The Company's fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	12,163	$	—	$	—	$	12,163
Government bonds	—		12,693		—		12,693
Short-term investments:
Corporate bonds	—		55,227		—		55,227
Government bonds	—		14,123		—		14,123
Asset-backed bonds	—		3,514		—		3,514
Restricted cash:
Money market funds	1,006		—		—		1,006
Total assets	13,169		85,557		—		98,726
Liabilities
Warrant liabilities	—		—		906		906
Total liabilities	$	—	$	—	$	906	$	906

Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions

The following assumptions were used for the valuation of the Private Placement Warrants on the settlement date:

Expected term	0.16
Volatility	65.00	%
Risk-free rate	0.03	%
Dividend yield	—	%

The following assumptions were used in this valuation:

Expected term (in years)	5.00
Expected volatility	60.00	%
Risk-free interest rate	0.50	%
Expected dividend yield	—	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in the fair value of warrant liabilities is as follows (in thousands):

Balance at December 31, 2020	$	906
Conversion of Series D preferred stock warrants to Class A common stock warrants	(1,160)
Private Placement Warrants and Public Warrants	51,814
Exercised warrants	(20,871)
Increase in fair value of warrants	2,681
Balance at March 31, 2021	$	33,370