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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 December 31, 2022
(in thousands)
Amortized
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Aggregate
Fair Value
 
Fair Value
Level
Cash and cash equivalents:
        
Cash
$44,045 $— $— $44,045 Level 1
Money market funds
377,785 — — 377,785 Level 1
Total cash and cash equivalents
421,830 — — 421,830 
Investments:
Commercial paper
58,794 — (195)58,599 Level 2
U.S. Treasuries
35,252 — (175)35,077 Level 2
Asset-backed securities
— — — — Level 2
Corporate bonds
11,782 — (39)11,743 Level 2
Agency bonds12,426 — (87)12,339 Level 2
Total investments
118,254 — (496)117,758 
Total assets measured at fair value on a recurring basis
$540,084 $— $(496)$539,588 
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:
December 31,Fair Value
(in thousands)20222021Level
Liabilities:
Warrant liability - Public Warrants
$2,208 $18,437 Level 1
Warrant liability - Private Placement Warrants
2,005 16,744 Level 2
Earn-out liability
15 26,885 Level 3
Milestone contingent consideration1,165 — Level 3
Holdback contingent consideration450 — Level 3
Total liabilities measured at fair value on a recurring basis
$5,843 $62,066 
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:
December 31, 2022December 31, 2021
Stock price on valuation date$2.51 $11.64 
Volatility78.10 %85.60 %
Risk-free rate4.75 %0.34 %
Dividend yield— %— %
The significant unobservable inputs used in the Monte Carlo simulation to measure the milestone contingent consideration that are categorized within Level 3 of the fair value hierarchy were as follows:
December 31, 2022
Volatility35.0 %
Risk-free rate4.0 %
Weighted average cost of capital30.0 %
Cost of debt10.0 %
The significant unobservable inputs used in the scenario-based analysis to measure the holdback contingent consideration that are categorized with Level 3 of the fair value hierarchy were as follows:
December 31, 2022
Cost of debt10.2 %
There was no change in fair value between the acquisition date of August 31, 2022 and December 31, 2022.
Schedule Fair Value of Liabilities, Unobservable Input Reconciliation
The change in the fair value of the earn-out liability is summarized as follows:
(in thousands)Fair Value
Balance as of Fair value of earn-out liability at Closing Date$25,016 
Change in fair value of earn-out liability1,869 
Balance as of December 31, 2021$26,885 
Change in fair value of earn-out liability(26,870)
Balance as of December 31, 2022$15 
The change in the fair value of the milestone contingent consideration is summarized as follows:
(in thousands)Fair Value
Fair value of milestone contingent consideration at date of Palamedrix Acquisition$998 
Change in fair value of milestone contingent consideration167 
Balance as of December 31, 2022$1,165