Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	99,984	$	—	$	—	$	99,984
Government bonds	—		4,502		—		4,502
Short-term investments:
Corporate bonds	—		162,480		—		162,480
Government bonds	—		29,858		—		29,858
Asset-backed bonds	—		17,840		—		17,840
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	100,840	$	214,680	$	—	$	315,520
Liabilities
Warrant liabilities	$	25,406	$	—	$	—	$	25,406
Earn-out liabilities	—		—		1,208		1,208
Total liabilities	$	25,406	$	—	$	1,208	$	26,614

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
Earn-out liabilities	—		—		—		—
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	65.0	%
Risk-free rate	—	%
Dividend yield	—	%

The following assumptions were used in this valuation:

Expected term (in years)	5.00
Expected volatility	60.0	%
Risk-free interest rate	0.5	%
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	(20,872)
Change in fair value of warrants	(5,282)
Balance at June 30, 2021	$	25,406

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to determine the fair value:

Revenue risk-adjusted discount rate	9.1	%
Revenue volatility	50.0	%
Counterparty discount rate	5.0	%