Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 155,962  $ —  $ —  $ 155,962 
Cash equivalents $ 155,962  $ —  $ —  $ 155,962 
Term deposits $ —  $ 41,461  $ —  $ 41,461 
Asset backed securities —  41,859  —  41,859 
Government debt securities —  355,543  —  355,543 
Corporate debt securities —  373,230  —  373,230 
Available-for-sale investments —  812,093  —  812,093 
Total fair value of assets $ 155,962  $ 812,093  $ —  $ 968,055 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 45,713  $ —  $ —  $ 45,713 
Common stock warrant liabilities (Private Placement) —  30,563  —  30,563 
Common stock warrant liabilities (Delta) —  —  37,498  37,498 
Warrant liabilities 45,713  30,563  37,498  113,774 
Earnout Shares Liability —  —  161,248  161,248 
Total fair value of liabilities $ 45,713  $ 30,563  $ 198,746  $ 275,022 
December 31, 2022
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 108,119  $ —  $ —  $ 108,119 
Cash equivalents $ 108,119  $ —  $ —  $ 108,119 
Term deposits $ —  $ 40,709  $ —  $ 40,709 
Asset backed securities —  54,707  —  54,707 
Government debt securities —  362,851  —  362,851 
Corporate debt securities —  452,425  —  452,425 
Available-for-sale investments —  910,692  —  910,692 
Total fair value of assets $ 108,119  $ 910,692  $ —  $ 1,018,811 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 8,318  $ —  $ —  $ 8,318 
Common stock warrant liabilities (Private Placement) —  5,561  —  5,561 
Common stock warrant liabilities (Delta) —  —  14,903  14,903 
Warrant liabilities 8,318  5,561  14,903  28,783 
Earnout Shares Liability —  —  44,055  44,055 
Total fair value of liabilities $ 8,318  $ 5,561  $ 58,958  $ 72,838 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
June 30, 2023
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 41,461  $ —  $ —  $ —  $ 41,461 
Asset backed securities 42,035  —  (176) —  41,859 
Government debt securities 356,937  30  (1,425) —  355,543 
Corporate debt securities 375,222  25  (2,018) —  373,230 
Total $ 815,655  $ 55  $ (3,619) $ —  $ 812,093 
December 31, 2022
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 40,709  $ —  $ —  $ —  $ 40,709 
Asset backed securities 55,016  —  (309) —  54,707 
Government debt securities 367,324  —  (4,473) —  362,851 
Corporate debt securities 455,854  —  (3,429) —  452,425 
Total $ 918,903  $ —  $ (8,211) $ —  $ 910,692 
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
Earnout Shares Liability
Common stock warrant liabilities (Delta)
Fair value as of January 1, 2023 $ 44,055  $ 14,903 
Change in fair value 117,193  22,595 
Fair value as of June 30, 2023 $ 161,248  $ 37,498