Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 16,016  $ —  $ —  $ 16,016 
Cash equivalents $ 16,016  $ —  $ —  $ 16,016 
Term deposits $ —  $ 40,925  $ —  $ 40,925 
Asset backed securities —  54,250  —  54,250 
Government debt securities —  444,229  —  444,229 
Corporate debt securities —  388,576  —  388,576 
Available-for-sale investments —  927,980  —  927,980 
Total fair value of assets $ 16,016  $ 927,980  $ —  $ 943,996 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 11,213  $ —  $ —  $ 11,213 
Common stock warrant liabilities (Private Placement) —  7,497  —  7,497 
Common stock warrant liabilities (Delta) —  —  19,104  19,104 
Warrant liabilities 11,213  7,497  19,104  37,814 
Earnout Shares Liability —  —  57,094  57,094 
Total fair value of liabilities $ 11,213  $ 7,497  $ 76,198  $ 94,908 
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 Placement) —  5,561  —  5,561 
Common stock warrant liabilities (Delta) —  —  14,903  14,903 
Warrant liabilities 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 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
March 31, 2023
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 40,925  $ —  $ —  $ —  $ 40,925 
Asset backed securities 54,505  —  (255) —  54,250 
Government debt securities 446,660  196  (2,627) —  444,229 
Corporate debt securities 390,857  19  (2,300) —  388,576 
Total $ 932,947  $ 215  $ (5,182) $ —  $ 927,980 
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 
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 total other income (loss), net within the condensed 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, 2023 $ 44,055  $ 14,903 
Change in fair value 13,039  4,201 
Fair value as of March 31, 2023 $ 57,094  $ 19,104