Joby Aviation, Inc. Post-effective amendment to a registration statement that is not immediately effective upon filing

Post-effective amendment to a registration statement that is not immediately effective upon filing

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value, Net Asset (Liability) [Abstract]

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

The

following tables 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 as of December 31, 2021 and 2020 (in thousands):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets measured at fair value

Money market funds	$	929,842	$	—	$	—	$	929,842

Cash equivalents		929,842		—		—		929,842

Term deposits		—		40,069		—		40,069
Asset backed securities		—		69,496		—		69,496
Government debt securities		—		47,308		—		47,308
Corporate debt securities		—		186,376		—		186,376

Available-for-sale investments		—		343,249		—		343,249

Total fair value of assets	$	929,842	$	343,249	$	—	$	1,273,091

Liabilities measured at fair value
Common stock warrant liabilities (Public)	$	26,910		—		—	$	26,910
Common stock warrant liabilities (Private Placement)		—		17,992		—		17,992
Earnout Shares Liability		—		—		109,844		109,844

Total fair value of liabilities	$	26,910	$	17,992	$	109,844	$	154,746


	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):


	December 31, 2021
	Adjusted Basis		Unrealized Gains		Unrealized Losses			Recorded Basis
Assets measured at fair value

Term deposits	$	40,069		—	$	—		$	40,069
Asset backed securities		69,579		—		(83	)		69,496
Government debt securities		47,355		—		(47	)		47,308
Corporate debt securities		186,471		—		(95	)		186,376

Total	$	343,474	$	—	$	(225	)	$	343,249


	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 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			(40,067	)
Extinguishment of Legacy Joby In-Q-Tel warrant liability to common stock upon the reverse recapitalization		(691	)		—

Fair value as of December 31, 2021	$	—		$	109,844