Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	66,013	$	—	$	—	$	66,013
Marketable securities	—		152,170		—		152,170
Derivative asset	—		160		—		160
Total fair value	$	66,013	$	152,330	$	—	$	218,343
Liabilities:
Assumed common stock warrants (Public)	$	17,869	$	—	$	—	$	17,869
Assumed common stock warrants (Private Placement)	—		8,380		—		8,380
Earnout liability	—		—		22,386		22,386
Derivative liability	—		9		—		9
Total fair value	$	17,869	$	8,389	$	22,386	$	48,644

	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 June 30, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	74,647	$	54	$	(2,989)	$	71,712
Asset-backed securities	65,077		12		(3,169)		61,920
U.S. government and agency securities	18,884		—		(677)		18,207
Foreign government and agency securities	375		—		(44)		331
Total marketable securities	$	158,983	$	66	$	(6,879)	$	152,170

	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 June 30, 2023
(in thousands)	Mature within one year		Mature after one year through two years		Mature over two years		Fair Value
Corporate bonds	$	55,613	$	16,099	$	—	$	71,712
Asset-backed securities	—		910		61,010		61,920
U.S. government and agency securities	7,851		7,538		2,818		18,207
Foreign government and agency securities	—		331		—		331
Total marketable securities	$	63,464	$	24,878	$	63,828	$	152,170

	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