Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	108,348	$	—	$	—	$	108,348
Marketable securities	—		215,464		—		215,464
Total fair value	$	108,348	$	215,464	$	—	$	323,812
Liabilities:
Assumed common stock warrants (Public)	$	21,015	$	—	$	—	$	21,015
Assumed common stock warrants (Private Placement)	—		9,856		—		9,856
Earnout liability	—		—		42,533		42,533
Derivative liability	—		344		—		344
Total fair value	$	21,015	$	10,200	$	42,533	$	73,748

	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
Total fair value	$	35,983	$	16,980	$	127,757	$	180,720

Schedule of Marketable Securities

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. The following table summarized the marketable securities by major security type as follows:

	As of December 31, 2022
(in thousands)
Investments Classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	17,568	$	38	$	—	$	17,606
Corporate bonds	115,134		—		(4,923)		110,211
Asset-backed securities	70,825		8		(3,885)		66,948
U.S. government and agency securities	19,308		—		(917)		18,391
Foreign government and agency securities	375		—		(37)		338
Municipal/provincial bonds and other	2,000		—		(30)		1,970
Total marketable securities	$	225,210	$	46	$	(9,792)	$	215,464

	As of December 31, 2021
(in thousands)
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:

	As of December 31, 2022
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Commercial paper	$	17,606	$	—	$	—	$	17,606
Corporate bonds	74,797		35,414		—		110,211
Asset-backed securities	1,907		4,833		60,207		66,947
U.S. government and agency securities	7,719		7,480		3,192		18,391
Foreign government and agency securities	—		338		—		338
Municipal/provincial bonds and other	1,971		—		—		1,971
Total marketable securities	$	104,000	$	48,065	$	63,399	$	215,464

	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		—		—		21
Total marketable securities	$	97,459	$	146,197	$	153,802	$	397,458

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 Warrant	Years Ended December 31,
(in thousands)	2022		2021
Beginning warrant liability balance	$	—	$	19,233
Change in fair value of warrants liability	—		35,034
Reclassification to APIC upon recapitalization	—		(54,267)
Ending warrant liability balance	$	—	$	—
Embedded Derivative - Stockholder Convertible Notes Payable	Years Ended December 31,
(in thousands)	2022		2021
Beginning derivative liabilities balance	$	—	$	1,238
Change in fair value	—		(1,238)
Ending derivative liabilities balance	$	—	$	—