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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Schedule of Assets and Liabilities at Fair Value
The tables below present certain of our assets and liabilities measured at fair value categorized by the level of input used in the valuation of each asset and liability.
September 30, 2021
Description
Total Fair Value
Level 1
Level 2
Level 3
Cash equivalents:
   
Money market funds
$27,892 $27,892 $— $— 
Debt investments:
Corporate bonds
1,013 — 1,013 — 
Commercial paper
5,495 — 5,495 — 
Total debt investments
6,508 — 6,508 — 
Total assets
$34,400 $27,892 $6,508 $— 
Long-term liabilities:
Embedded debt derivative$675 $675 
Warrant liabilities
9,952 — — 9,952 
Total liabilities
$10,627 $— $— $10,627 
December 31, 2020
Description
Total Fair Value
Level 1
Level 2
Level 3
Cash equivalents:
Money market funds
$96,835 $96,835 $— $— 
Debt investments:
Corporate bonds
3,543 — 3,543 — 
Commercial paper
9,992 — 9,992 — 
Total debt investments
13,535 — 13,535 — 
Total assets
110,370 96,835 $13,535 — 
Long-term liabilities:
Embedded debt derivative
$675 $— $— $675 
Warrant liabilities
2,650 — — 2,650 
Total liabilities
$3,325 $— $— $3,325 
The tables below present certain of our assets and liabilities measured at fair value categorized by the level of input used in the valuation of each asset and liability.
December 31, 2020
DescriptionTotal Fair
Value		 Level 1 Level 2 Level 3
Cash equivalents:
Money market funds
$96,835 $96,835 $— $— 
Debt investments:
Corporate bonds
3,543 — 3,543 — 
Commercial paper
9,992 — 9,992 — 
Total debt investments
13,535 — 13,535 — 
Total assets
$110,370 $96,835 $13,535 $— 
Current liabilities:
Embedded debt derivative
$675 $— $— $675 
Warrant liabilities
2,650 — — 2,650 
Total liabilities
$3,325 $— $— $3,325 
December 31, 2019
DescriptionTotal Fair
Value		 Level 1 Level 2 Level 3
Cash equivalents:
Money market funds
$21,828 $21,828 $— $— 
Commercial paper
5,587 — 5,587 — 
Total cash equivalents
27,415 21,828 5,587 — 
Investments:
U.S. Treasury bills
58,818 — 58,818 — 
Debt investments:
Corporate debt securities
11,160 — 11,160 — 
Commercial paper
7,056 — 7,056 — 
Total debt investments
18,216 — 18,216 — 
Total investments
77,034 — 77,034 — 
Total assets
$104,449 $21,828 $82,621 $— 
Current liabilities:
Warrant liabilities
$52 $— $— $52 
Schedule of Valuation Assumptions
The key inputs into the binomial lattice model for the Warrants were as follows:
 September 30,
 2021
InputPrivate
 Warrants
Market price of public shares9.94 
Risk-free rate
0.94%
Dividend yield0.00 %
Volatility
15.8%
Exercise price11.50 
Effective expiration date06/16/26
One-touch hurdle 
The following significant assumptions used in the valuation model to estimate the fair value of the warrant liabilities were as follows:
Series A Warrants
September 30,
2021		December 31,
2020
Fair value of underlying preferred stock
$14.24$2.00
Expected life (years)
0.08 – 1.25
2.00
Expected volatility
45.0% – 74.0%
75.7%
Risk-free interest rate
0.04% – 0.14%
0.13%
Series D Warrants
September 30,
2021		December 31,
2020
Fair value of underlying preferred stock
$14.82$7.21
Expected life (years)
0.08 – 1.25
2.00
Expected volatility
45.0% – 74.0%
75.7%
Risk-free interest rate
0.04% – 0.14%
0.13%
 The following significant assumptions used in the valuation model to estimate the fair value of the warrant liabilities were as follows:
December 31,
Series A Warrants2020 2019
Fair value of underlying preferred stock
$2.00  $2.29 
Expected life (years)
2.00  6.98 
Expected volatility
75.7 %70.0 %
Risk-free interest rate
0.13 %1.57 %
December 31,
Series D Warrants2020 2019
Fair value of underlying preferred stock
$7.21  n/a
Expected life (years)
2.00  n/a
Expected volatility
75.7 %n/a
Risk-free interest rate
0.13 %n/a
Summary of Changes in the Fair Value of Warrant Liabilities
The following table presents the changes in the fair value of warrant liabilities as Level 3 measurements:
 Private
 Placement 		 Public  Warrant
 Liabilities
Fair value as of January 1, 2021$— $— $— 
Initial measurement on February 4, 20215,865,600 10,764,000 16,629,600 
Change in fair value1,554,133 2,852,000 4,406,133 
Transfers out of Level 3 to Level 1— (13,616,000)(13,616,000)
Transfers out of Level 3 to Level 2(7,419,733)— (7,419,733)
Fair value as of June 30, 2021$— $— $— 
The following table reconciles the change in the fair value of the warrant liabilities based on Level 3 inputs:
Warrant Liabilities
Series A
Series D
Fair value as of December 31, 2019
$52 $— 
Issuance of warrants
— 1,803 
Change in fair value
2 793 
Fair value as of December 31, 2020
54 2,596 
Change in fair value
369 6,933 
Fair value as of September 30, 2021
$423 $9,529 
The following table reconciles the change in the fair value of the warrant liabilities based on Level 3 inputs:
Warrant Liabilities
Series ASeries D
Fair value as of December 31, 2018
$53 $— 
Change in fair value
(1)— 
Fair value as of December 31, 2019
52 — 
Issuance of warrants
— 1803 
Change in fair value
2 793 
Fair value as of December 31, 2020
$54 $2596