Joby Aviation, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Net Asset (Liability) [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets 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):


	June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Money market funds	$	27,770	$	—	$	—	$	27,770

Cash equivalents		27,770		—		—		27,770

Term deposits		—		40,024		—		40,024
Asset backed securities		—		66,477		—		66,477
Government debt securities		—		79,735		—		79,735
Corporate debt securities		—		188,974		—		188,974

Available-for-sale investments		—		375,210		—		375,210

Total fair value of assets	$	27,770	$	375,210	$	—	$	402,980

Liabilities measured at fair value

Redeemable convertible preferred stock warrant liability		—		—	$	627		627

Total fair value of liabilities	$	—	$	—	$	627	$	627


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Money market funds	$	74,049	$	—	$	—	$	74,049

Cash equivalents		74,049		—		—		74,049

Asset backed securities		—		52,022		—		52,022
Government debt securities		—		57,829		—		57,829
Corporate debt securities		—		258,736		—		258,736

Marketable securities		—		368,587		—		368,587

Total fair value of assets	$	74,049	$	368,587	$	—	$	442,636

The following table sets 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, 2020
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Money market funds	$	74,049	$	—	$	—	$	74,049

Cash equivalents		74,049		—		—		74,049

Asset backed securities		—		52,022		—		52,022
Government debt securities		—		57,829		—		57,829
Corporate debt securities		—		258,736		—		258,736

Marketable debt securities		—		368,587		—		368,587

Total fair value of assets	$	74,049	$	368,587		—	$	442,636

Summary of Debt Securities, Available-for-sale

The following is a summary of the Company’s

available-for-sale

securities (in thousands):


	June 30, 2021
	Adjusted Basis		Unrealized Gains		Unrealized Losses			Recorded Basis
Assets measured at fair value
Term deposits	$	40,024	$	—	$	—		$	40,024
Asset backed securities		66,489		6		(18	)		66,477
Government debt securities		79,733		5		(3	)		79,735
Corporate debt securities		188,966		14		(6	)		188,974

Total	$	375,212	$	25	$	(27	)	$	375,210


	December 31, 2020
	Adjusted Basis		Unrealized Gains		Unrealized Losses		Recorded Basis
Asset backed securities	$	51,938	$	84	$	—	$	52,022
Government debt securities		57,826		3		—		57,829
Corporate debt securities		258,502		234		—		258,736

Total	$	368,266	$	321	$	—	$	368,587

The following is a summary of the Company’s

available-for-sale

securities:


	December 31, 2020
	Adjusted Basis		Unrealized Gains		Unrealized Losses		Recorded Basis
Asset backed securities	$	51,938	$	84		—	$	52,022
Government debt securities		57,826		3		—		57,829
Corporate debt securities		258,502		234		—		258,736

Total	$	368,266	$	321		—	$	368,587

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 other income within the condensed consolidated statement of operations, of the Company’s Level III financial liabilities (in thousands):


	2021
Fair value as of January 1	$	—
Initial fair value of the redeemable convertible preferred stock warrant liability		602
Change in fair value		25

Fair value as of June 30	$	627

The following table sets forth a summary of the changes in the fair value, which is recognized as a component of other income (expense), net within the consolidated statement of operations, of the Company’s Level III financial liabilities (in thousands):


	2020		2019
Fair value as of January 1	$	—	$	27,033
Initial fair value of derivative liabilities		—		4,104
Change in fair value		—		4,947
Settlement of derivative liabilities upon conversion of convertible notes into redeemable convertible preferred stock		—		(36,084	)

Fair value as of December 31	$	—	$	—