Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 142,090  $ —  $ —  $ 142,090 
Cash equivalents $ 142,090  $ —  $ —  $ 142,090 
Term deposits $ —  $ 30,770  $ —  $ 30,770 
Asset backed securities —  51,400  —  51,400 
Government debt securities —  155,312  —  155,312 
Corporate debt securities —  320,210  —  320,210 
Available-for-sale investments —  557,692  —  557,692 
Total fair value of assets $ 142,090  $ 557,692  $ —  $ 699,782 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 10,867  $ —  $ —  $ 10,867 
Common stock warrant liabilities (Private) —  7,267  —  7,267 
Common stock warrant liabilities (Delta) —  —  24,230  24,230 
Warrant liability 10,867  7,267  24,230  42,364 
Earnout Shares Liability —  —  63,922  63,922 
Total fair value of liabilities $ 10,867  $ 7,267  $ 88,152  $ 106,286 

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):
September 30, 2024
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,770  $ —  $ —  $ —  $ 30,770 
Asset backed securities 51,261  139  —  —  51,400 
Government debt securities 155,137  175  —  —  155,312 
Corporate debt securities 319,399  811  —  —  320,210 
Total $ 556,567  $ 1,125  $ —  $ —  $ 557,692 
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  $ 27,733 
Change in fair value (32,047) (3,503)
Fair value as of September 30, 2024 $ 63,922  $ 24,230