Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 167,711  $ —  $ —  $ 167,711 
Cash equivalents $ 167,711  $ —  $ —  $ 167,711 
Term deposits $ —  $ 30,351  $ —  $ 30,351 
Asset backed securities —  50,769  —  50,769 
Government debt securities —  194,906  —  194,906 
Corporate debt securities —  373,907  —  373,907 
Available-for-sale investments —  649,933  —  649,933 
Total fair value of assets $ 167,711  $ 649,933  $ —  $ 817,644 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 9,833  $ —  $ —  $ 9,833 
Common stock warrant liabilities (Private) —  6,573  —  6,573 
Common stock warrant liabilities (Delta) —  —  24,465  24,465 
Warrant liability 9,833  6,573  24,465  40,871 
Earnout Shares Liability —  —  69,281  69,281 
Total fair value of liabilities $ 9,833  $ 6,573  $ 93,746  $ 110,152 

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):
June 30, 2024
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,351  $ —  $ —  $ —  $ 30,351 
Asset backed securities 50,897  —  (128) —  50,769 
Government debt securities 195,223  —  (317) —  194,906 
Corporate debt securities 374,595  1  (689) —  373,907 
Total $ 651,066  $ 1  $ (1,134) $ —  $ 649,933 
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 (26,688) (3,269)
Fair value as of June 30, 2024 $ 69,281  $ 24,465