Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands):


	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Certificates of deposit	$	279,279	$	279,279	$	—	$	—
Total	$	279,279	$	279,279	$	—	$	—
Liabilities:
Warrants liability	$	42,452	$	—	$	—	$	42,452
Total	$	42,452	$	—	$	—	$	42,452


	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	1,077,550	$	1,077,550	$	—	$	—
Total	$	1,077,550	$	1,077,550	$	—	$	—

Schedule of Fair Value Assumptions

The Company used the following assumptions in the model:


	As of
	December 31, 2020	February 26, 2021	March 19, 2021
Discount for lack of marketability	9.00% - 30.00%	—	—
Fair value of underlying securities	$14.14	$40.00	$40.00
Expected volatility	53.90% - 76.90%	62.95%	60.85%
Expected term (in years)	0.33 - 1.91	1.76	0.79
Risk-free interest rate	0.10% - 0.13%	0.14%	0.08%

Summary of Changes in Estimated Fair Value of Warrants Liability

The following table sets forth a summary of the changes in the estimated fair value of the Company’s warrants liability (in thousands):


	Warrant Liabilities
Balance as of December 31, 2019	$	—
Issuance of warrants	44,268
Reclassification of warrants from equity to liability	394
Exercises during the period	(394)
Change in fair value of warrants	(1,816)
Balance as of December 31, 2020	$	42,452
Change in fair value of warrants	326,900
Exercises during the period	(369,352)
Balance as of December 31, 2021	$	—