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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Recurring Basis
The following tables set forth our financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements:
As of March 31, 2022
(in thousands)
 
Amortized
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Aggregate
Fair Value
 
Fair Value
Level
Cash and cash equivalents:
         
Cash
 $105,219 $— $— $105,219 Level 1
Money market funds
 321,351 — — 321,351 Level 1
Commercial paper
 11,482 1 (1)11,482 Level 2
Total cash and cash equivalents
 438,052 1 (1)438,052 
Investments:
 
Commercial paper
 132,631 — (412)132,219 Level 2
U.S. Treasuries
 48,632 — (211)48,421 Level 2
Asset-backed securities
 6,037 — (22)6,015 Level 2
Corporate bonds
 18,180 — (65)18,115 Level 2
Agency bonds
 5,000 — (13)4,987 Level 2
Total investments
 210,480 — (723)209,757 
Total assets measured at fair value on a recurring basis
 $648,532 $1 $(724)$647,809 
As of December 31, 2021
(in thousands)
Amortized Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Aggregate
Fair Value
Fair Value
Level
Cash and cash equivalents:
     
Cash
$114,533 $— $— $114,533 Level 1
Money market funds
324,955 — — 324,955 Level 1
Total cash and cash equivalents
439,488 — — 439,488 
Investments:
Commercial paper
177,852 16 (57)177,811 Level 2
U.S. Treasuries
12,021 — (9)12,012 Level 2
Asset-backed securities
12,084 — (8)12,076 Level 2
Corporate bonds
16,332 — (13)16,319 Level 2
Total investments
218,289 16 (87)218,218 
Total assets measured at fair value on a recurring basis
$657,777 $16 $(87)$657,706 
Schedule of Fair Value of Liabilities Measured on Recurring Basis
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
(in thousands)March 31, 2022December 31, 2021Fair Value Level
Warrant liability - public warrants
$11,813 $18,437 Level 1
Warrant liability - private placement warrants
10,728 16,744 Level 2
Earn-out liability
10,423 26,885 Level 3
Total liabilities measured at fair value on a recurring basis
$32,964 $62,066 
Schedule Fair Value of Liabilities, Unobservable Input Reconciliation
The change in the fair value of the earn-out liability for the three months ended March 31, 2022 is summarized as follows:
(in thousands)Fair Value
Balance as of December 31, 2021$26,885 
Change in fair value of earn-out liability(16,462)
Balance as of March 31, 2022$10,423 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The significant unobservable inputs used in the Monte Carlo simulation to measure the Earn-Out Shares that are categorized within Level 3 of the fair value hierarchy were as follows:
March 31, 2022December 31, 2021
Stock price on valuation date$8.02 $11.64 
Volatility73.7 %85.6 %
Risk-free rate1.51 %0.34 %
Dividend yield— %— %