Equity Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Shares of Common Stock Reserved for Issuance

Shares of common stock reserved for issuance on an “as if converted” basis were as follows:

	March 31,	December 31,
	2022	2021
	(share data)
Common stock warrants	13,075,000	13,075,000
Restricted stock units issued and outstanding	4,549,179	4,041,346
Stock options issued and outstanding	20,786,579	21,191,226
Shares available for future grant under 2021 Equity Incentive Plan	26,207,150	17,533,471
Reserved for employee stock purchase plan	5,495,601	3,663,277
Total shares of common stock reserved	70,113,509	59,504,320

Schedule of Warrants for Shares of Stock

Warrants for shares of common stock consisted of the following:

	March 31, 2022
	Issue Date	Expiration Date	Number of Warrants	Exercise Price per warrant	Fair Value on Issue Date per warrant	Fair Value on March 31, 2022
						(In thousands)
Private placement warrants - Common Stock	12/02/2020	09/29/2026	4,450,000	$11.50	$2.00	9,434
Public warrants - Common Stock	12/02/2020	09/29/2026	8,625,000	$11.50	$3.30	18,285
			13,075,000			$	27,719

	December 31, 2021
	Issue Date	Expiration Date	Number of Warrants	Exercise Price per warrant	Fair Value on Issue Date per warrant	Fair Value on December 31, 2021
						(In thousands)
Private placement warrants - Common Stock	12/02/2020	09/29/2026	4,450,000	$11.50	$2.00	7,387
Public warrants - Common Stock	12/02/2020	09/29/2026	8,625,000	$11.50	$3.30	14,318
			13,075,000			$	21,705

Warrant Liability Rollforward

The liability for private placement and public warrants on common stock carried at fair value was as follows for the three months ended March 31, 2022:

	March 31,
	2022
	(In thousands)
Beginning Balance	$	21,705
Loss on fair value of warrants	$	6,014
Ending Balance	$	27,719

The liability for warrants on redeemable convertible preferred stock (carried at fair value) was as follows for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Beginning Balance	$	—	$	181
Issuance of new warrant	—		—
Change in fair value (Other income (expense), net)	—		1,514
Exercise of warrants (Redeemable preferred convertible stock)	—		—
Ending Balance	$	—	$	1,695

Fair Value Assumptions

The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrants and public common stock warrant liability were as follows:

	As of March 31, 2022			As of December 31, 2021
Current stock price	$	9.31		$	7.81
Expected volatility	34.8		%	40.5		%
Risk-free interest rate	2.4		%	1.2		%
Dividend rate	—		%	—		%
Expected Term (years)	4.5			4.75

Assumptions used in the fair value of the contingent earnout liabilities are described below.

	As of March 31, 2022	As of December 31, 2021
Current stock price	$9.31	$7.81
Expected volatility	50.8%	52.5%
Risk-free interest rate	2.4%	1.2%
Dividend yield	—%	—%
Expected Term (years)	4.50	4.75

Schedule Of Contingent Earnout Liabilities

The rollforward for the contingent earnout liabilities was as follows for the three months ended March 31, 2022:

	March 31,
	2022
	(In thousands)
Beginning Balance	$	111,487
Gain on fair value of contingent earnout liabilities	31,232
Ending Balance	$	142,719