Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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 March 31, 2022 (unaudited) and December 31, 2021 are set forth below (in thousands):

	Fair Value Measurement at March 31, 2022 (unaudited)
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market accounts	$	79,039	$	—	$	—	$	79,039
Total cash equivalents	$	79,039	$	—	$	—	$	79,039
Restricted cash equivalents
Money market accounts	$	14,662	$	—	$	—	$	14,662
Certificates of deposits	3,031		—		—		3,031
Total restricted cash equivalents	$	17,693	$	—	$	—	$	17,693
Marketable securities - restricted
Corporate debt securities	$	—	$	2,738	$	—	$	2,738
U.S. treasury and agency securities	37,693		1,956		—		39,649
Commercial paper	—		18,550		—		18,550
Asset backed securities	—		6,212		—		6,212
Total marketable securities - restricted	$	37,693	$	29,456	$	—	$	67,149

	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 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 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, 2021 and the three months ended March 31, 2022 (unaudited) (in thousands):

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
Decrease in fair value of warrants	(131)
Balance at March 31, 2022	$	1,025

Schedule of Black-Scholes option valuation model

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 March 31, 2022:

	Estimated Fair Value of Warrants as of March 31, 2022		Exercise Price		Dividend Yield		Volatility		Risk-Free Interest Rate		Expected Term
	(in thousands)		(in whole dollars)								(in years)
Private placement warrants	$	28.8	$	11.50	0	%	75	%	2.44	%	3.86