Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of assets measured on a recurring basis at fair value

Assets measured on a recurring basis at fair value, primarily related to marketable securities, included in the consolidated balance sheets as of December 31, 2021 and December 31, 2020 are set forth below (in thousands):


	Fair Value Measurement at December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market accounts	$	113,402	$	—	$	—	$	113,402
Total cash equivalents	$	113,402	$	—	$	—	$	113,402

Restricted cash equivalents
Money market accounts	$	19,569	$	—	$	—	$	19,569
Certificates of deposits	3,331		—		—		3,331
Total restricted cash equivalents	$	22,900	$	—	$	—	$	22,900

Marketable securities - restricted
Corporate debt securities	$	—	$	2,545	$	—	$	2,545
U.S. treasury and agency securities	33,295		1,986		—		35,281
Commercial paper	—		16,081		—		16,081
Asset backed securities	—		8,718		—		8,718
Total marketable securities - restricted	$	33,295	$	29,330	$	—	$	62,625


	Fair Value Measurement at December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market accounts	$	6,771	$	—	$	—	$	6,771
Total cash equivalents	$	6,771	$	—	$	—	$	6,771

Restricted cash equivalents
Money market accounts	$	6,201	$	—	$	—	$	6,201
Certificates of deposits	3,331		—		—		3,331
Total restricted cash equivalents	$	9,532	$	—	$	—	$	9,532

Marketable securities - restricted
Corporate debt securities	$	—	$	5,955	$	—	$	5,955
U.S. treasury securities	6,994		—		—		6,994
Commercial paper	—		8,791		—		8,791
Asset backed securities	—		2,911		—		2,911
Total marketable securities - restricted	$	6,994	$	17,657	$	—	$	24,651

Fair value of warrants

The table below sets forth a summary of changes in the fair value of the Company’s Level 1, Level 2, and Level 3 liabilities for the year ended December 31, 2020 and the year ended December 31, 2021 (in thousands):


Balance at December 31, 2019	$	1,738
Issuance of warrant on Series E convertible preferred stock	12,620
Increase in fair value of warrant	69,294
Balance at December 31, 2020	$	83,652
Increase in fair value of warrants	47,062
Exercise of preferred stock warrants prior to Business Combination	(130,714)
Public and Private placement Warrants acquired in Business Combination	45,623
Decrease in fair value of Public and Private placement Warrants	(44,467)
Balance at December 31, 2021	$	1,156

Schedule of net deferred tax assets or liabilities

The fair value of the Private placement warrants was determined using the Black-Scholes option valuation model using the following assumptions for values as of December 31, 2021:


	Estimated Fair Value of Warrants as of December 31, 2021		Exercise Price		Dividend Yield		Volatility		Risk-Free Interest Rate		Expected Term
	(in thousands)		(in whole dollars)								(in years)
Private placement warrants	$	83	$	11.50	0	%	75	%	1.13	%	4.1