Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary Of Assets And Liabilities Measured At Fair Value

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value as of June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	79,546	$	—	$	—	$	79,546
Marketable securities	—		327,082		—		327,082
Derivative asset	—		695		—		695
Total fair value	$	79,546	$	327,777	$	—	$	407,323
Liabilities:
Assumed common stock warrants (Public)	$	24,391	$	—	$	—	$	24,391
Assumed common stock warrants (Private Placement)	—		11,440		—		11,440
Earnout liability	—		—		79,343		79,343
Derivative liability	—		—		—		—
Total fair value	$	24,391	$	11,440	$	79,343	$	115,174

	Fair Value as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	47,127	$	—	$	—	$	47,127
Marketable securities	—		397,458		—		397,458
Derivative asset	—		202		—		202
Total fair value	$	47,127	$	397,660	$	—	$	444,787
Liabilities:
Assumed common stock warrants (Public)	$	35,983	$	—	$	—	$	35,983
Assumed common stock warrants (Private Placement)	—		16,877		—		16,877
Earnout liability	—		—		127,757		127,757
Derivative liability	—		103		—		103
	$	35,983	$	16,980	$	127,757	$	180,720

Summary of Fair Value of Redeemable Convertible Preferred Stock Warrants Liability and Derivative Liability

The following table sets forth a summary of the activities of the Company’s redeemable convertible preferred stock warrant liability and embedded components of the stockholder convertible notes payable, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy wherein fair value is estimated using significant unobservable inputs:

Redeemable Convertible Preferred Stock Warrants	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Beginning warrants liability balance	$	—	$	67,342	$	—	$	19,233
Change in fair value of warrants liability	—		(12,201)		—		35,908
Reclassification to APIC upon recapitalization	—		(55,141)		—		(55,141)
Ending warrant liability balance	$	—	$	—	$	—	$	—
Embedded Derivative - Stockholder Convertible Notes Payable	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Beginning derivative liability balance	$	—	$	3,826	$	—	$	1,239
Change in fair value of derivative liability	—		(3,826)		—		(1,239)
Additional derivative liability	—		—		—		—
Ending derivative liability balance	$	—	$	—	$	—	$	—

Schedule of Marketable Securities

The following table summarizes, by major security type, the Company’s marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. Amortized cost net of unrealized gain (loss) is equal to fair value as of June 30, 2022 and December 31, 2021. The fair value as of June 30, 2022 and December 31, 2021 are as follows:

(in thousands)	As of June 30, 2022
Investments Classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	226,159	$	—	$	(6,587)	$	219,572
Asset-backed securities	87,598		—		(3,589)		84,009
U.S. government and agency securities	19,759		—		(813)		18,946
Foreign government and agency securities	2,659		—		(65)		2,594
Municipal/provincial bonds and other	2,000		—		(39)		1,961
Total	$	338,175	$	—	$	(11,093)	$	327,082
Pending purchases and sales	(695)		695		—		—
Total marketable securities	$	337,480	$	695	$	(11,093)	$	327,082

(in thousands)	As of December 31, 2021
Investments Classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	274,939	$	100	$	(1,725)	$	273,314
Asset-backed securities	96,713		190		(199)		96,704
U.S. government and agency securities	20,235		—		(64)		20,171
Foreign government and agency securities	3,262		—		(19)		3,243
Municipal/provincial bonds and other	4,000		5		—		4,005
Total	$	399,149	$	295	$	(2,007)	$	397,437
Pending purchases and sales	21		—		—		21
Total marketable securities	$	399,170	$	295	$	(2,007)	$	397,458

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):

	As of June 30, 2022
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	100,989	$	101,991	$	16,592	$	219,572
Asset-backed securities	—		5,117		78,892		84,009
U.S. government and agency securities	—		7,745		11,201		18,946
Foreign government and agency securities	2,250		—		344		2,594
Municipal/provincial bonds and other	1,961		—		—		1,961
Total marketable securities	$	105,200	$	114,853	$	107,029	$	327,082

	As of December 31, 2021
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	92,559	$	134,199	$	46,556	$	273,314
Asset-backed securities	—		2,000		94,704		96,704
U.S. government and agency securities	—		7,995		12,176		20,171
Foreign government and agency securities	2,877		—		366		3,243
Municipal/provincial bonds and other	2,002		2,003		—		4,005
Total	$	97,438	$	146,197	$	153,802	$	397,437
Pending purchases and sales	—		—		—		21
Total marketable securities	$	97,438	$	146,197	$	153,802	$	397,458