Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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:

	June 30, 2023
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	21,103
Notes payable1	—		—		69,652
Earnout shares liability	—		—		1,448
Share-based payment liabilities	—		—		2,728

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.

	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities	$	—	$	—	$	92,833
Notes payable	—		—		26,008
Earnout shares liability	—		—		2,250
Share-based payment liabilities	—		—		3,977

Summary of Activity for Level 3 Fair Value Measurements

The following table summarizes the activity of Level 3 fair value measurements:

(in thousands)	Warrant Liabilities1		Notes Payable1		Earnout Shares Liability		Liability for Insufficient Authorized Shares Related to Stock Options and RSUs
Balance as of December 31, 2022	$	92,833	$	26,008	$	2,250	$	3,977
Additions	37,159		167,297		—		—
Net disposal pursuant to Warrant Exchange	(16,506)		—		—		—
Exercises	(47,202)		—		—		—
Debt extinguishments	1,317		13,078		—		—
Change in fair value measurements	(46,498)		(29,107)		2,100		—
Payments of notes payable, including periodic interest	—		(1,167)		—		—
Stock-based compensation expense	—		—		—		4,752
Reclassification from liability to equity on February 28, 2023	—		—		(5,014)		(8,979)
Reclassification from equity to liability on April 21, 2023	—				2,112		2,978
Conversions of notes to Class A Common Stock	—		(106,457)		—		—
Balance as of June 30, 2023	$	21,103	$	69,652	$	1,448	$	2,728

1 Includes both related party and non-related party balances for the Company’s notes payable and warrant liabilities.