Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

As of March 31, 2022 and December 31, 2021, the recorded values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of the instruments.

Cash and cash equivalents held by the Company as of March 31, 2022 and December 31, 2021 were $114.6 million and $241.3 million, respectively, and were comprised of cash on hand, money market funds, and highly liquid investments with original contractual maturity dates of three months or less. Cash and money market funds are classified within Level 1 of the fair value hierarchy. Highly liquid investments such as commercial papers and corporate bonds are classified within Level 2 of the fair value hierarchy.

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:

	As of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Available-for-Sale Investments
Asset backed securities	$	—	$	113,038	$	—	$	113,038
Certificates of deposits	—		6,000		—		6,000
Corporate notes and bonds	—		234,237		—		234,237
Commercial paper	—		129,202		—		129,202
Foreign government securities	—		18,151		—		18,151
US Government Securities	44,974		27,959		—		72,933
Total assets	$	44,974	$	528,588	$	—	$	573,562
Liabilities:
Private Common Stock Warrants	—		—		1,831		1,831
Total liabilities	$	—	$	—	$	1,831	$	1,831

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Available-for-Sale Investments
Asset backed securities	$	—	$	111,552	$	—	$	111,552
Certificates of deposits	—		6,002		—		6,002
Corporate notes and bonds	—		206,989		—		206,989
Commercial paper	—		109,391		—		109,391
Foreign government securities	—		8,181		—		8,181
US Government Securities	86,787		—		—		86,787
Total assets	$	86,787	$	442,114	$	—	$	528,902
Liabilities:
Private Common Stock Warrants	—		—		6,293		6,293
Total liabilities	$	—	$	—	$	6,293	$	6,293

Available-for-Sale Investments

Available-for-sale investments were classified within Level 1 or Level 2 because the Company’s use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The market values of Level 2 investments are determined based on observable inputs for the securities other than quoted prices, such as interest rates, yield curves, and credit spreads, or quoted prices for identical or similar securities in markets that are not considered active. There were no transfers between levels during the periods presented.

Private Common Stock Warrants

The Private Warrants were classified within Level 3 as they were valued based on a BSM pricing model, which involved the use of certain unobservable inputs, such as expected volatility estimated based on the average historical stock price volatility of comparable companies.

The following is a rollforward of balances for Private Warrants:

	Private Warrants
Balance at December 31, 2021	$	6,293
Fair market value adjustment	(4,462)
Balance as of March 31, 2022	$	1,831