Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 (in thousands):
December 31, 2024
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 178,383  $ —  $ —  $ 178,383 
Cash equivalents $ 178,383  $ —  $ —  $ 178,383 
Term deposits $ —  $ 31,179  $ —  $ 31,179 
Asset backed securities —  98,412  —  98,412 
Government debt securities —  206,945  —  206,945 
Corporate debt securities —  396,688  —  396,688 
Available-for-sale investments —  733,224  —  733,224 
Total fair value of assets $ 178,383  $ 733,224  $ —  $ 911,607 
Liabilities measured at fair value
Common stock warrant liabilities (Public) $ 34,843  $ —  $ —  $ 34,843 
Common stock warrant liabilities (Private Placement) —  23,296  —  23,296 
Common stock warrant liabilities (Delta) —  —  37,271  37,271 
Warrant liabilities 34,843  23,296  37,271  95,410 
Earnout Shares Liability —  —  117,416  117,416 
Total fair value of liabilities $ 34,843  $ 23,296  $ 154,687  $ 212,826 
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) —  14,105  —  14,105 
Common stock warrant liabilities (Delta) —  —  27,734  27,734 
Warrant liability 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):
December 31, 2024
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses 		Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 31,179  $ —  $ —  $ —  $ 31,179 
Asset backed securities 98,277  135  —  —  98,412 
Government debt securities 206,779  166  —  —  206,945 
Corporate debt securities 396,410  352  (74) —  396,688 
Total $ 732,645  $ 653  $ (74) $ —  $ 733,224 
December 31, 2023
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses 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 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 21,447  9,538 
Fair value as of December 31 2024 $ 117,416  $ 37,271