XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
| September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 1,227,637 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,227,637 |
Marketable securities |  |  |  |  |  |  |
U.S. government securities | 374,593 |  |  | — |  |  | — |  |  | 374,593 |
Commercial paper | — |  |  | 16,880 |  |  | — |  |  | 16,880 |
Asset-backed securities | — |  |  | 2,017 |  |  | — |  |  | 2,017 |
Corporate debt securities | — |  |  | 15,464 |  |  | — |  |  | 15,464 |
Total assets | $ | 1,602,230 |  |  | $ | 34,361 |  |  | $ | — |  |  | $ | 1,636,591 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 203,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 203,592 |
Marketable securities |  |  |  |  |  |  |
U.S. government securities | 125,864 |  |  | — |  |  | — |  |  | 125,864 |
Commercial paper | — |  |  | 4,991 |  |  | — |  |  | 4,991 |
Asset-backed securities | — |  |  | 4,315 |  |  | — |  |  | 4,315 |
Corporate debt securities | — |  |  | 14,733 |  |  | — |  |  | 14,733 |
Total assets | $ | 329,456 |  |  | $ | 24,039 |  |  | $ | — |  |  | $ | 353,495 |
Other liabilities |  |  |  |  |  |  |
Redeemable convertible preferred stock warrants | $ | — |  |  | $ | — |  |  | $ | 2,517 |  |  | $ | 2,517 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 2,517 |  |  | $ | 2,517 |
Schedule of Fair Value Assumptions | The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:
| June 9, 2021 |  | December 31, 2020
Dividend yield | 0.00% |  | 0.00%
Expected volatility | 49.93% |  | 49.93%
Expected term (in years) | 2.34 |  | 2.78
Risk-free interest rate | 0.31% |  | 0.17%
Fair value of Series B redeemable convertible preferred stock | $27.00 |  | $12.66
The fair value of the warrant was estimated using the Black-Scholes option pricing model and the following assumptions as of the date of the grant:
Dividend yield | 0.0%
Expected volatility | 50.0%
Contract term (in years) | 5.0
Risk-free interest rate | 0.3%
The fair value of the warrants was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:
Dividend yield | 0.0%
Expected volatility | 50.0%
Contract term (in years) | 4.0
Risk-free interest rate | 0.6%
Summary of Changes in Fair Value | The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:
| September 30, 2021 |  | December 31, 2020
Balance, beginning of the period | $ | 2,517 |  |  | $ | 569 |
Remeasurement of redeemable convertible preferred stock warrant liabilities | 2,921 |  |  | 1,948 |
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering | (5,438) |  |  | — |
Balance, end of the period | $ | — |  |  | $ | 2,517 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration