FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash	$	179,950	$	—	$	—	$	179,950	$	179,950	$	—	$	—
Level 1:
Money market funds	2,710,148		—				2,710,148		2,710,148		—		—
U.S. Treasury securities	945,082		518		(876)		944,724		65,002		684,916		194,806
Subtotal	3,655,230		518		(876)		3,654,872		2,775,150		684,916		194,806
Level 2:
U.S. government agency securities	6,910		—		(1)		6,909		6,909		—		—
Certificates of deposit	221,573		11		(41)		221,543		20,999		200,544		—
Commercial paper	314,453		12		(171)		314,294		173,404		140,890		—
Corporate debt securities	194,712		54		(197)		194,569		1,037		110,283		83,249
Subtotal	737,648		77		(410)		737,315		202,349		451,717		83,249
Total assets measured at fair value	$	4,572,828	$	595	$	(1,286)	$	4,572,137	$	3,157,449	$	1,136,633	$	278,055


	December 31, 2021
	Reported As:
	Cash and cash equivalents
Cash	$	160,888
Level 1:
Money market funds	6,102,017
Total assets measured at fair value	$	6,262,905

Summary of Available-for-sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale securities by contractual maturity:


	June 30, 2022
	Amortized cost		Estimated Fair Value
Within one year	$	1,137,726	$	1,136,633
After one year through three years	277,646		278,055
Total	$	1,415,372	$	1,414,688

Schedule of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation of the contingent forward contract liability, convertible preferred stock warrant liability and common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands):


	Three Months Ended June 30,
	2022		2021
	Common Stock Warrant Liability		Contingent Forward Contract Liability (1)
Fair value-beginning of period	$	871,478	$	1,164,610
Change in fair value	(334,843)		12,382
Settlement	—		(1,176,992)
Fair value-end of period	$	536,635	$	—


	Six Months Ended June 30,
	2022		2021
	Common Stock Warrant Liability		Contingent Forward Contract Liability (1)		Convertible Preferred Stock Warrant Liability (1)
Fair value-beginning of period	$	1,394,808	$	—	$	2,960
Issuance	—		2,167,332		—
Change in fair value	(858,173)		454,546		6,976
Settlement	—		(2,621,878)		(9,936)
Fair value-end of period	$	536,635	$	—	$	—

(1) Convertible preferred stock warrant liability and contingent forward contract liability were fully settled during the six months ended June 30, 2021.