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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Assets and Liabilities Measurements on a Recurring Basis

As of June 30, 2021 and December 31, 2020, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follow (in thousands):

			June 30, 2021												December 31, 2020
			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets
Investments:
Commercial paper, available for sale			$	—		$	96,896		$	—		$	96,896		$	—		$	—		$	—		$	—
Corporate Bonds, available for sale			—			97,649			—			97,649			—			—			—			—
Municipal bonds, available for sale			—			5,887			—			5,887			—			—			—			—
Total investments			$	—		$	200,432		$	—		$	200,432		$	—		$	—		$	—		$	—
Liabilities
Warrant liability:
RTI warrants			$	—		$	—		$	15,000		$	15,000		$	—		$	—		$	—		$	—
Private warrants			—			—			2,899			2,899			—			—			—			—
Total warrant liability			$	—		$	—		$	17,899		$	17,899		$	—		$	—		$	—		$	—

RTI warrants

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs

The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using the Black-Scholes option pricing model to calculate its fair value as of June 30, 2021 using the following assumptions:

Expected annual dividend yield			—		%
Expected volatility			48.51		%
Risk-free rate of return			0.56		%
Expected option term (years)			3.75

Level 3 Liabilities Measured at Fair Value

Changes in Level 3 liabilities measured at fair value for six months ended June 30, 2021 are as follows (in thousands):

			Fair value (Level 3)
Balance at December 31, 2020			$	—
Change in fair value			15,000
Balance at June 30, 2021			$	15,000

Private warrants

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs

The private warrants are classified as Level 3 for both initial measurement upon close of the Business Combination and subsequent measurement using the following assumptions:

			June 30, 2021			March 18, 2021 (Initial Recognition)
Expected annual dividend yield			—		%	—		%
Expected volatility			46.4		%	47.3		%
Risk-free rate of return			0.81		%	0.86		%
Expected option term (years)			4.72			5.0

Level 3 Liabilities Measured at Fair Value

A summary of the private warrants activity from the Business Combination date at March 18, 2021 to June 30, 2021 is as follows:

			Fair value (Level 3)
Balance at March 18, 2021			$	4,604
Change in fair value			(1,705)
Balance at June 30, 2021			$	2,899

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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.

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