Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 115,460  $ —  $ —  $ 115,460 
Cash equivalents $ 115,460  $ —  $ —  $ 115,460 
Term deposits $ —  $ 31,580  $ —  $ 31,580 
Asset backed securities —  95,347  —  95,347 
Government debt securities —  192,708  —  192,708 
Corporate debt securities —  370,599  —  370,599 
Available-for-sale investments —  690,234  —  690,234 
Total fair value of assets $ 115,460  $ 690,234  $ —  $ 805,694 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 21,217  $ —  $ —  $ 21,217 
Common stock warrant liabilities (Private) —  14,186  —  14,186 
Common stock warrant liabilities (Delta) —  —  25,831  25,831 
Warrant liability 21,217  14,186  25,831  61,234 
Earnout Shares Liability —  —  80,631  80,631 
Total fair value of liabilities $ 21,217  $ 14,186  $ 106,462  $ 141,865 

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 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
March 31, 2025
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 31,580  $ —  $ —  $ —  $ 31,580 
Asset backed securities 95,319  32  (4) —  95,347 
Government debt securities 192,535  173  —  —  192,708 
Corporate debt securities 370,368  244  (13) —  370,599 
Total $ 689,802  $ 449  $ (17) $ —  $ 690,234 
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 
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, 2025 $ 117,416  $ 37,271 
Change in fair value (36,785) (11,440)
Fair value as of March 31, 2025 $ 80,631  $ 25,831