Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Investment Securities Classified as Available-for-sale

The Company’s investments in cash equivalents and marketable securities at December 31, 2022 is as follows:

	December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
U.S. Treasury Bills	$	2,573	$	—	$	—	$	2,573
Marketable securities:
Short-term U.S. Treasuries	59,876		6		(86)		59,796
Long-term U.S. Treasuries	58,652		—		(298)		58,354
Total available for sale securities	$	121,101	$	6	$	(384)	$	120,723

The contractual maturities of the Company's investments in cash equivalents and marketable securities as of December 31, 2022 is as follows:

(in thousands)	Due in One Year or less		Due After One Year through Five Years		Due After Five Years		Total
Cash equivalents:
U.S. Treasury Bills	$	2,573	$	—	$	—	$	2,573
Marketable securities:
Short-term U.S. Treasuries	59,796		—		—		59,796
Long-term U.S. Treasuries	10,523		47,831		—		58,354
Total available for sale securities	$	72,892	$	47,831	$	—	$	120,723

Summary of Carrying Amounts of Financial Instruments

The following tables present the carrying amounts of the Company’s financial instruments at December 31, 2022 and December 31, 2021:

	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets:
Treasury bills	$	2,573	$	—	$	2,573	—
Marketable securities	59,796		—		59,796		—
Non-current investments	58,354		—		58,354		—
Goodwill	21,418		—		—		21,418
Financial liabilities:
Derivative warrant liabilities	$	350	—		—		$	350
Earnout liabilities	803		—		—		803
Conversion option derivative liabilities	3,960		—		—		3,960

	December 31, 2021
(in thousands)	Total	Level 1	Level 2	Level 3
Financial liabilities:
Derivative warrant liabilities	2,193	—	—	2,193
Earnout liabilities	60,018	—	—	60,018

Summary of Changes in Fair Value of Level 3 Warrant Liabilities

The following table presents information about the Company’s Level 3 liabilities that are measured at fair value on a recurring basis at December 31, 2022:

(in thousands)	Private Warrant Liability		Earnout Liability		Conversion Option Derivative Liability
Balance at December 31, 2020	$	—	$	—	$	—
Private placement warrant liability acquired as part of the Business Combination	5,879		—		—
Earnout liability acquired as part of the Business Combination	—		84,909		—
Decrease in fair value included in other expense	(3,686)		(24,891)		—
Balance at December 31, 2021	$	2,193	$	60,018	$	—
Conversion option derivative liability acquired (See Note 11 for detail)	—		—		28,160
Decrease in fair value included in other expense	(1,843)		(59,215)		(24,200)
Balance at December 31, 2022	$	350	$	803	$	3,960

Schedule of Assumptions used in the Valuation of Derivative Liabilities

A summary of the inputs used in the valuations is as follows:

	December 31, 2022
	Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout			Convertible Note Warrant Derivative Liability			Conversion Option Derivative Liability
Unit price	$	1.65		$	1.65		$	1.65		$	1.65		$	1.65
Term (in years)	3.87			1.54			1.55			4.61			4.61
Volatility	71.80		%	70.00		%	70.00		%	40.00		%	40.00		%
Risk-free rate	4.08		%	4.45		%	4.45		%	3.99		%	3.99		%
Dividend yield	—			—			—			—			—
Cost of equity	—			13.60		%	13.60		%	—			—

	December 31, 2021
	Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout
Unit price	$	9.75		$	9.75		$	9.75
Term (in years)	4.87			1.87			2.87
Volatility	12.80		%	35.00		%	35.00		%
Risk-free rate	1.24		%	0.94		%	0.94		%
Dividend yield	—			—			—
Cost of equity	—			11.14		%	11.14		%

On August 9, 2022, the Company issued a senior secured convertible note that contains embedded warrant, optional redemption, and conversion option features. Due to the economic disincentive to redeem and the make whole amount that would be required to be paid, it is highly unlikely that the optional redemption would occur, reducing the value during the period to a qualitatively immaterial amount. See Note 11 for additional detail. A summary of the inputs used in the initial measurement of the convertible note warrant and conversion option derivative liabilities is as follows:

	August 9, 2022
	(Initial Measurement)
	Convertible Note Warrant Derivative Liability			Conversion Option Derivative Liability
Unit price	$	6.63		$	6.63
Term (in years)	5.00			5.00
Volatility	42.5		%	42.5		%
Risk-free rate	3.0		%	3.0		%
Dividend yield	—			—
Cost of equity	—			—