Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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

The following table provides information by level for the Company’s assets and liabilities that were measured at fair value on a recurring basis (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	121,100	$	—	$	—	$	121,100
Total financial assets	$	121,100	$	—	$	—	$	121,100
Liabilities
Warrant liabilities	$	—	$	—	$	180	$	180
Total financial liabilities	$	—	$	—	$	180	$	180


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	177,513	$	—	$	—	$	177,513
Total financial assets	$	177,513	$	—	$	—	$	177,513
Liabilities
Warrant liabilities	$	—	$	—	$	7,626	$	7,626
Total financial liabilities	$	—	$	—	$	7,626	$	7,626

Schedule of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Redeemable Convertible Preferred Stock Warrant Liability		Redeemable Convertible Preferred Stock Tranche Liability		Private Placement Warrant Liability		Derivative liability
Fair value as of January 1, 2020	$	(162)	$	—	$	—	$	—
Initial recognition of preferred stock warrant liability upon subsequent issuance of warrants	(691)		(1,610)		—		—
Change in the fair value included in other income (expense), net	(48,440)		—		—		(5,308)
Extinguishment of derivative liability upon conversion of convertible notes	—		—		—		5,308
Settlement of redeemable convertible preferred stock tranche liability due to the issuance of Series B redeemable convertible preferred stock, included in other income (expense), net	—		1,610		—		—
Fair value as of December 31, 2020	(49,293)		—		—		—
Private placement warrant liability acquired as part of the Colonnade Merger	—		—		(19,377)		—
Change in the fair value included in other income (expense), net	(8,804)		—		11,751
Issuance of preferred stock upon exercise of warrants	58,097		—		—		—
Fair value as of December 31, 2021	—		—		(7,626)		—
Change in the fair value included in other income (expense), net	—		—		7,446		—
Fair value as of December 31, 2022	$	—	$	—	$	(180)	$	—