| 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 June 30, 2022 and December 31, 2021 (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets measured at fair value |
|
|
|
|
|
|
|
| Money market funds |
$ |
291,003 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
291,003 |
|
| Cash equivalents |
291,003 |
|
|
— |
|
|
— |
|
|
291,003 |
|
| Term deposits |
— |
|
|
40,301 |
|
|
— |
|
|
40,301 |
|
| Asset backed securities |
— |
|
|
38,352 |
|
|
— |
|
|
38,352 |
|
| Government debt securities |
— |
|
|
344,485 |
|
|
— |
|
|
344,485 |
|
| Corporate debt securities |
— |
|
|
417,240 |
|
|
— |
|
|
417,240 |
|
| Available-for-sale investments |
— |
|
|
840,378 |
|
|
— |
|
|
840,378 |
|
| Total fair value of assets |
$ |
291,003 |
|
|
$ |
840,378 |
|
|
$ |
— |
|
|
$ |
1,131,381 |
|
|
|
|
|
|
|
|
|
| Liabilities measured at fair value |
|
|
|
|
|
|
|
| Common stock warrant liabilities (Public) |
$ |
18,716 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,716 |
|
| Common stock warrant liabilities (Private Placement) |
— |
|
|
12,514 |
|
|
— |
|
|
12,514 |
|
| Earnout Shares Liability |
— |
|
|
— |
|
|
64,005 |
|
|
64,005 |
|
| Total fair value of liabilities |
$ |
18,716 |
|
|
$ |
12,514 |
|
|
$ |
64,005 |
|
|
$ |
95,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Summary of Debt Securities, Available-for-sale |
The following is a summary of the Company’s available-for-sale securities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
Adjusted
Basis |
|
Unrealized
Gains |
|
Unrealized
Losses
|
|
Recorded
Basis |
| Assets measured at fair value |
|
|
|
|
|
|
|
| Term deposits |
$ |
40,301 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,301 |
|
| Asset backed securities |
38,653 |
|
|
8 |
|
|
(309) |
|
|
38,352 |
|
| Government debt securities |
346,460 |
|
|
— |
|
|
(1,975) |
|
|
344,485 |
|
| Corporate debt securities |
420,077 |
|
|
— |
|
|
(2,837) |
|
|
417,240 |
|
| Total |
$ |
845,491 |
|
|
$ |
8 |
|
|
$ |
(5,121) |
|
|
$ |
840,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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):
|
|
|
|
|
|
|
Earnout Shares Liability
|
| Fair value as of January 1, 2022 |
$ |
109,844 |
|
| Change in fair value |
(45,839) |
|
Fair value as of June 30, 2022 |
$ |
64,005 |
|
|