Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents, and restricted cash:
Money market funds	$	284,462	$	—	$	—	$	284,462
Liabilities
Warrant liability — Private Placement Warrants	$	—	$	—	$	488	$	488

	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents, and restricted cash:
Money market funds	$	458,676	$	—	$	—	$	458,676
International treasuries	$	—	$	3,777	$	—	$	3,777
Liabilities
Warrant liability — Private Placement Warrants	$	—	$	—	$	3,555	$	3,555

Money Market Funds

The Company’s investment in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices in active markets for identical assets, when available, or pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The Company reviews security pricing and assesses liquidity on a quarterly basis. As of December 31, 2024, the Company’s U.S. portfolio had no material exposure to money market funds with a fluctuating net asset value.

Private Placement Warrants

As of December 31, 2024 and 2023, the Company had approximately 7 million Private Placement Warrants outstanding for which the fair value was determined using a Monte Carlo simulation model because these warrants are not subject to redemption if the reference value of the common stock, as defined, is between $10.00 and $18.00 per share.

Long-Term Debt

As of December 31, 2024 and 2023, the estimated fair value of the Notes were approximately $446 million and $558 million, respectively. The estimated fair value of the Notes was determined based on the actual bid price of the Notes on December 31, 2024 and 2023. The estimated fair values have been calculated based on broker quotes or rates for the same or similar instruments and are classified as Level 2 within the fair value hierarchy.