Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022 and 2021 (in thousands):
December 31, 2022
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 108,119  $ —  $ —  $ 108,119 
Cash equivalents 108,119  —  —  108,119 
Term deposits —  40,709  —  40,709 
Asset backed securities —  54,707  —  54,707 
Government debt securities —  362,851  —  362,851 
Corporate debt securities —  452,425  —  452,425 
Available-for-sale investments —  910,692  —  910,692 
Total fair value of assets $ 108,119  $ 910,692  $ —  $ 1,018,811 
Liabilities measured at fair value
Common stock warrant liabilities (Public) $ 8,318  $ —  $ —  $ 8,318 
Common stock warrant liabilities (Private) —  5,561  —  5,561 
Common stock warrant liabilities (Delta) —  —  14,903  14,903 
Warrant liability 8,318  5,561  14,903  28,783 
Earnout Shares Liability —  —  44,055  44,055 
Total fair value of liabilities $ 8,318  $ 5,561  $ 58,958  $ 72,838 
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) —  17,992  —  17,992 
Warrant liability 26,910  17,992  —  44,902 
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):
December 31, 2022
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses 		Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 40,709  $ —  $ —  $ —  $ 40,709 
Asset backed securities 55,016  —  (309) —  54,707 
Government debt securities 367,324  —  (4,473) —  362,851 
Corporate debt securities 455,854  —  (3,429) —  452,425 
Total $ 918,903  $ —  $ (8,211) $ —  $ 910,692 
December 31, 2021
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 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 consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
Earnout Shares Liability Common stock warrant liabilities (Delta)
Fair value as of January 1, 2022 $ 109,844  $ — 
Initial fair value of Warrant Liability (Delta) —  16,093 
Change in fair value (65,789) (1,190)
Fair value as of December 31 2022 $ 44,055  $ 14,903