Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following tables present financial liabilities remeasured on a recurring basis by level within the fair value hierarchy:

	September 30, 2023
(in thousands)	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities1	$	—	$	—	$	1,730
Notes payable1	—		—		95,445

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	41,068		211,088		—		—
Net disposal pursuant to Warrant Exchange	(16,506)		—		—		—
Exercises	(47,202)		—		—		—
Debt extinguishments	1,317		13,078		—		—
Change in fair value measurements	(69,780)		(28,235)		2,033		—
Payments of notes payable, including periodic interest	—		(1,167)		—		—
Stock-based compensation expense	—		—		—		4,067
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
Reclassification from liability to equity on August 25, 2023					(1,381)		(2,043)
Conversions of notes to Class A Common Stock	—		(125,327)		—		—
Balance as of September 30, 2023	$	1,730	$	95,445	$	—	$	—

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