Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 474,605  $ —  $ —  $ 474,605 
Cash equivalents $ 474,605  $ —  $ —  $ 474,605 
Term deposits $ —  $ 42,000  $ —  $ 42,000 
Asset backed securities —  21,994  —  21,994 
Government debt securities —  185,110  —  185,110 
Corporate debt securities —  383,040  —  383,040 
Available-for-sale investments —  632,144  —  632,144 
Total fair value of assets $ 474,605  $ 632,144  $ —  $ 1,106,749 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 21,390  $ —  $ —  $ 21,390 
Common stock warrant liabilities (Private Placement) —  14,301  —  14,301 
Common stock warrant liabilities (Delta) —  —  28,959  28,959 
Warrant liabilities 21,390  14,301  28,959  64,650 
Earnout Shares Liability —  —  94,602  94,602 
Total fair value of liabilities $ 21,390  $ 14,301  $ 123,561  $ 159,252 
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):
September 30, 2023
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 42,000  $ —  $ —  $ —  $ 42,000 
Asset backed securities 22,054  —  (60) —  21,994 
Government debt securities 185,469  1  (360) —  185,110 
Corporate debt securities 384,385  20  (1,365) —  383,040 
Total $ 633,908  $ 21  $ (1,785) $ —  $ 632,144 
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 50,547  14,056 
Fair value as of September 30, 2023 $ 94,602  $ 28,959