| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
982,110 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
982,110 |
|
Cash equivalents |
|
|
982,110 |
|
|
|
— |
|
|
|
— |
|
|
|
982,110 |
|
Term deposits |
|
|
— |
|
|
|
40,046 |
|
|
|
— |
|
|
|
40,046 |
|
Asset backed securities |
|
|
— |
|
|
|
69,676 |
|
|
|
— |
|
|
|
69,676 |
|
Government debt securities |
|
|
— |
|
|
|
47,234 |
|
|
|
— |
|
|
|
47,234 |
|
Corporate debt securities |
|
|
— |
|
|
|
189,035 |
|
|
|
— |
|
|
|
189,035 |
|
Available-for-sale investments |
|
|
— |
|
|
|
345,991 |
|
|
|
— |
|
|
|
345,991 |
|
Total fair value of assets |
|
$ |
982,110 |
|
|
$ |
345,991 |
|
|
$ |
— |
|
|
$ |
1,328,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock warrant liabilities (Public) |
|
$ |
38,814 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
38,814 |
|
Common stock warrant liabilities (Private Placement) |
|
|
— |
|
|
|
25,951 |
|
|
|
— |
|
|
|
25,951 |
|
Earnout Shares Liability |
|
|
— |
|
|
|
— |
|
|
|
151,323 |
|
|
|
151,323 |
|
Total fair value of liabilities |
|
$ |
38,814 |
|
|
$ |
25,951 |
|
|
$ |
151,323 |
|
|
$ |
216,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Debt Securities, Available-for-sale |
The following is a summary of the Company’s available-for-sale securities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
|
|
Adjusted
Basis |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Recorded
Basis |
|
Assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
Term deposits |
|
$ |
40,046 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,046 |
|
Asset backed securities |
|
|
69,690 |
|
|
10 |
|
|
|
(24 |
) |
|
|
69,676 |
|
Government debt securities |
|
|
47,232 |
|
|
5 |
|
|
|
(3 |
) |
|
|
47,234 |
|
Corporate debt securities |
|
|
189,039 |
|
|
3 |
|
|
|
(7 |
) |
|
|
189,035 |
|
Total |
|
$ |
346,007 |
|
|
$ |
18 |
|
|
$ |
(34 |
) |
|
$ |
345,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 3 financial liabilities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
In-Q-Tel Warrant Liability |
|
|
Earnout Shares Liability |
|
Fair value as of January 1, 2021 |
|
$ |
— |
|
|
$ |
— |
|
Initial fair value of the In-Q-Tel warrant liability |
|
|
602 |
|
|
|
— |
|
Earnout Shares Liability recognized upon the closing of the reverse recapitalization |
|
|
— |
|
|
|
149,911 |
|
Change in fair value |
|
|
89 |
|
|
|
1,412 |
|
Extinguishment of Legacy Joby In-Q-Tel warrant liability to common stock upon the reverse recapitalization |
|
|
(691 |
) |
|
|
— |
|
Fair value as of September 30, 2021 |
|
$ |
— |
|
|
$ |
151,323 |
|
|