Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy (dollars in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	92,665
Private warrants	—		—		52
Bridge warrants	—		—		28,521


	December 31, 2022
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	26,008
Accrued expenses and other current liabilities	—		—		6,227
Private warrants	—		—		52
Bridge warrants	—		—		95,130

Summary of Activity for Level 3 Fair Value Measurements

The following table summarizes the activity of Level 3 fair value measurements (dollars in thousands):


	Bridge Warrants		Notes Payable, Bridge		Private Warrants		Earnout Shares Liability		Liability for Insufficient Authorized Shares Related to Stock Options and RSUs
Balance as of December 31, 2022	$	95,130	$	26,008	$	52	$	2,250	$	3,977
Additions	33,266		190,000		—		—		—
Disposals pursuant to warrant exchange	(77,577)		—		—		—		—
Exercises	(4,079)		—		—		—		—
Settlement of transaction costs	—		(1,139)		—		—		—
Change in fair value measurements	(18,219)		(79,462)		—		2,764		—
Stock-based compensation expense	—		—		—		—		5,002
Conversions of liability to Common Stock	—		—		—		(5,014)		(8,979)
Conversions of notes to Common Stock	—		(42,742)		—		—		—
Balance as of March 31, 2023	$	28,521	$	92,665	$	52	$	—	$	—