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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of fair value of financial instruments measured on recurring basis

Items Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2023

​

​

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

 

$

366,282

 

$

—

 

$

—

 

$

366,282

Investments:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury bills (due within 1 year)

​

​

—

​

​

9,910

​

​

—

​

​

9,910

U.S. agency securities (due within 1 year)

​

​

—

​

​

207,491

​

​

—

​

​

207,491

Commercial paper (due within 1 year)

​

​

—

​

​

728,186

​

​

—

​

​

728,186

Corporate notes (due within 1 year)

​

​

—

​

​

11,997

​

​

—

​

​

11,997

Total financial assets

​

$

366,282

​

$

957,584

​

$

—

​

$

1,323,866

Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

Contingent earn-out liability

​

$

—

​

$

—

​

$

5,231

​

$

5,231

Warrant liabilities

​

 

1,904

​

 

1,501

​

 

—

​

 

3,405

Total financial liabilities

​

$

1,904

​

$

1,501

​

$

5,231

​

$

8,636

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2022

​

​

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash equivalents:

 

​

  

 

​

  

 

​

  

 

​

  

Money market funds

 

$

200,677

 

$

—

 

$

—

 

$

200,677

Commercial paper (due within 90 days)

 

​

—

 

​

291,311

 

​

—

 

​

291,311

Investments:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury bills (due within 1 year)

​

​

—

​

​

63,807

​

​

—

​

​

63,807

U.S. agency securities (due within 1 year)

​

​

—

​

​

14,744

​

​

—

​

​

14,744

Commercial paper (due within 1 year)

​

​

—

​

​

814,732

​

​

—

​

​

814,732

Corporate notes (due within 1 year)

​

​

—

​

​

11,867

​

​

—

​

​

11,867

Total financial assets

​

$

200,677

​

$

1,196,461

​

$

—

​

$

1,397,138

Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

Contingent earn-out liability

​

$

—

​

$

—

​

$

7,160

​

$

7,160

Warrant liabilities

​

 

2,961

​

 

2,332

​

 

—

​

 

5,293

Total financial liabilities

​

$

2,961

​

$

2,332

​

$

7,160

​

$

12,453

Schedule of change in fair value of earn-out liability

The change in the fair value of the contingent earn-out liabilities during the three months ended March 31, 2023 was as follows (in thousands):

​

​

​

​

​

    

Fair Value

Fair value as of December 31, 2022

 

$

7,160

Change in fair value of earn-out liability

 

​

(1,929)

Fair value as of March 31, 2023

​

$

5,231

Earn-Out Shares subject to liability accounting  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of valuation inputs

​

​

​

​

​

​

​

​

​

    

March 31, 

​

December 31, 

​

​

2023

​

2022

Market price of public stock

 

$

1.94

 

$

2.46

Expected share price volatility

 

​

83.4%

 

​

58.5%

Risk-free interest rate

 

​

4.23%

 

​

4.42%

Estimated dividend yield

 

​

0.0%

 

​

0.0%

​