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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.

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-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

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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
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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

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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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