FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized as follows:

	As of December 31, 2021
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Assets
Cash	$	8,983	$	—	$	—	$	8,983
Money market funds	115,799		—		—		115,799
Total cash and cash equivalents	124,782		—		—		124,782
Available-for-sale securities	—		261,851		—		261,851
Trading securities (convertible promissory notes)	—		—		4,300		4,300
Total assets	$	124,782	$	261,851	$	4,300	$	390,933
Liabilities
Warrant liability	—		9,787		—		9,787
Total liabilities	$	—	$	9,787	$	—	$	9,787

	As of December 31, 2020
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Assets
Cash	$	1,244	$	—	$	—	$	1,244
Money market funds	59,285		—		—		59,285
Total assets	$	60,529	$	—	$	—	$	60,529
Liabilities
Derivative liabilities	—		—		13,390		13,390
Total liabilities	$	—	$	—	$	13,390	$	13,390

Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates:

	December 31, 2021
Volatility	75.0	%
Risk free rate	U.S. Constant Maturity Treasury Yields
Term	0.75 years

Key inputs to calculate the fair value of the warrants outstanding as of December 31, 2020 using the Black-Scholes pricing model were as follows:

	December 31, 2020
Expected term	10-12 years
Volatility	55.0 – 61.0%
Risk-free interest rate	0.68 – 0.93%
Dividend yield	0	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liabilities:

	December 31, 2020
Term in years	0.3 to 1.3
Calibrated risk premium	11.68	%
Option adjusted spread	8.03	%
Risk free rate	0.12% - 0.19%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables represent the activity of the Level 3 instruments:

	Convertible Notes		Warrants		Total
Derivative liabilities - December 31, 2019	$	12,234	$	138	$	12,372
Change in fair value(1)	287		576		863
Modification(2)	155		—		155
Derivative liabilities - December 31, 2020	12,676		714		13,390
Change in fair value(1)	11,158		1,430		$	12,588
Extinguishment of derivatives	(23,834)		(2,144)		(25,978)
Derivative liabilities - December 31, 2021	$	—	$	—	$	—

Trading securities - January 1, 2021	$	—
Purchases	4,250
Change in fair value(1)	50
Trading securities - December 31, 2021	$	4,300

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(1)Recorded in other income (expense) within the Consolidated Statements of Operations and Comprehensive Loss.

(2)Recorded in loss on extinguishment of debt within the Consolidated Statements of Operations and Comprehensive Loss.