Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 166,438  $ —  $ —  $ 166,438 
Cash equivalents $ 166,438  $ —  $ —  $ 166,438 
Term deposits $ —  $ 40,506  $ —  $ 40,506 
Asset backed securities —  31,667  —  31,667 
Government debt securities —  385,827  —  385,827 
Corporate debt securities —  422,662  —  422,662 
Available-for-sale investments —  880,662  —  880,662 
Total fair value of assets $ 166,438  $ 880,662  $ —  $ 1,047,100 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 14,488  $ —  $ —  $ 14,488 
Common stock warrant liabilities (Private Placement) —  9,687  —  9,687 
Earnout Shares Liability —  —  58,499  58,499 
Total fair value of liabilities $ 14,488  $ 9,687  $ 58,499  $ 82,674 

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):
September 30, 2022
Adjusted
Basis		 Unrealized
Gains
Unrealized
Losses
Recorded
Basis
Assets measured at fair value
Term deposits $ 40,506  $ —  $ —  $ 40,506 
Asset backed securities 32,052  —  (385) 31,667 
Government debt securities 390,761  —  (4,934) 385,827 
Corporate debt securities 426,882  —  (4,220) 422,662 
Total $ 890,201  $ —  $ (9,539) $ 880,662 
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 (51,345)
Fair value as of September 30, 2022
 $ 58,499