Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2023 and 2022 (in thousands):
December 31, 2023
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 197,543  $ —  $ —  $ 197,543 
Cash equivalents $ 197,543  $ —  $ —  $ 197,543 
Term deposits $ —  $ 42,538  $ —  $ 42,538 
Asset backed securities —  27,469  —  27,469 
Government debt securities —  265,681  —  265,681 
Corporate debt securities —  492,545  —  492,545 
Available-for-sale investments —  828,233  —  828,233 
Total fair value of assets $ 197,543  $ 828,233  $ —  $ 1,025,776 
Liabilities measured at fair value
Common stock warrant liabilities (Public) $ 21,097  $ —  $ —  $ 21,097 
Common stock warrant liabilities (Private Placement) —  14,105  —  14,105 
Common stock warrant liabilities (Delta) —  —  27,734  27,734 
Warrant liabilities 21,097  14,105  27,734  62,936 
Earnout Shares Liability —  —  95,969  95,969 
Total fair value of liabilities $ 21,097  $ 14,105  $ 123,703  $ 158,905 
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) —  5,561  —  5,561 
Common stock warrant liabilities (Delta) —  —  14,903  14,903 
Warrant liability 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):
December 31, 2023
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses 		Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 42,538  $ —  $ —  $ —  $ 42,538 
Asset backed securities 27,465  21  (17) —  27,469 
Government debt securities 265,439  269  (27) —  265,681 
Corporate debt securities 492,761  299  (515) —  492,545 
Total $ 828,203  $ 589  $ (559) $ —  $ 828,233 
December 31, 2022
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses 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 consolidated statements 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 51,914  12,830 
Fair value as of December 31 2023 $ 95,969  $ 27,733