Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 104,810  $ —  $ —  $ 104,810 
Cash equivalents $ 104,810  $ —  $ —  $ 104,810 
Term deposits $ —  $ 43,076  $ —  $ 43,076 
Asset backed securities —  55,833  —  55,833 
Government debt securities —  256,966  —  256,966 
Corporate debt securities —  457,465  —  457,465 
Available-for-sale investments —  813,340  —  813,340 
Total fair value of assets $ 104,810  $ 813,340  $ —  $ 918,150 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 13,455  $ —  $ —  $ 13,455 
Common stock warrant liabilities (Private) —  8,996  —  8,996 
Common stock warrant liabilities (Delta) —  —  24,518  24,518 
Warrant liability 13,455  8,996  24,518  46,969 
Earnout Shares Liability —  —  72,984  72,984 
Total fair value of liabilities $ 13,455  $ 8,996  $ 97,502  $ 119,953 
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 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
March 31, 2024
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 43,076  $ —  $ —  $ —  $ 43,076 
Asset backed securities 55,939  —  (106) —  55,833 
Government debt securities 257,223  19  (276) —  256,966 
Corporate debt securities 457,945  44  (524) —  457,465 
Total $ 814,183  $ 63  $ (906) $ —  $ 813,340 
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 
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, 2024 $ 95,969  $ 27,734 
Change in fair value (22,985) (3,216)
Fair value as of March 31, 2024 $ 72,984  $ 24,518