Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	87,444	$	—	$	—	$	87,444
Marketable securities	—		176,971		—		176,971
Derivative asset	—		477		—		477
Total fair value	$	87,444	$	177,448	$	—	$	264,892
Liabilities:
Assumed common stock warrants (Public)	$	16,410	$	—	$	—	$	16,410
Assumed common stock warrants (Private Placement)	—		7,696		—		7,696
Earnout liability	—		—		29,894		29,894
Derivative liability	—		61		—		61
Total fair value	$	16,410	$	7,757	$	29,894	$	54,061

	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

Schedule of Marketable Securities

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

	As of March 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	1,693	$	7	$	—	$	1,700
Corporate bonds	93,550		35		(4,177)		89,408
Asset-backed securities	68,591		13		(3,458)		65,146
U.S. government and agency securities	19,093		—		(696)		18,397
Foreign government and agency securities	374		—		(41)		333
Municipal/provincial bonds and other	2,000		—		(13)		1,987
Total marketable securities	$	185,301	$	55	$	(8,385)	$	176,971

	As of December 31, 2022
(in thousands)	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

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities are as follows:

	As of March 31, 2023
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Commercial paper	$	1,700	$	—	$	—	$	1,700
Corporate bonds	66,687		22,721		—		89,408
Asset-backed securities	639		1,311		63,196		65,146
U.S. government and agency securities	7,785		7,581		3,031		18,397
Foreign government and agency securities	—		333		—		333
Municipal/provincial bonds and other	1,987		—		—		1,987
Total marketable securities	$	78,798	$	31,946	$	66,227	$	176,971

	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