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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measurements on a Recurring Basis

As of December 31, 2022 and December 31, 2021, 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):

			December 31, 2022												December 31, 2021
			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets
Cash equivalents			$	51,250		$	—		$	—		$	51,250		$	27,389		$	—		$	—		$	27,389
Restricted cash equivalents - current			$	68,850		$	—		$	—		$	68,850		$	141,855		$	—		$	—		$	141,855
Restricted cash equivalents - noncurrent			$	94,781		$	—		$	—		$	94,781		$	88,586		$	—		$	—		$	88,586
Investments:
Commercial paper, available for sale			$	—		$	32,756		$	—		$	32,756		$	—		$	76,930		$	—		$	76,930
Corporate Bonds, available for sale			—			58,442			—			58,442			—			84,588			—			84,588
Municipal bonds, available for sale			—			7,394			—			7,394			—			5,847			—			5,847
Total investments			$	—		$	98,592		$	—		$	98,592		$	—		$	167,365		$	—		$	167,365
Liabilities
Warrant liability:
RTI warrants			$	—		$	—		$	3,670		$	3,670		$	—		$	—		$	5,175		$	5,175
Private warrants			—			—			784			784			—			—			938			938
Series A Warrants			—			$	51,429		—			$	51,429		—			—			—			—
Total warrant liability			$	—		$	51,429		$	4,454		$	55,883		$	—		$	—		$	6,113		$	6,113

Fair Value Measurement Inputs

The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. 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:

			December 31, 2022			December 31, 2021
Expected annual dividend yield			—		%	—		%
Expected volatility			105.1		%	69.5		%
Risk-free rate of return			4.15		%	1.14		%
Expected option term (years)			3.2			4.2

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 December 31, 2022 using the following assumptions:

			December 31, 2022			December 31, 2021
Expected annual dividend yield			—		%	—		%
Expected volatility			99.7		%	59.6		%
Risk-free rate of return			4.36		%	0.97		%
Expected option term (years)			2			3

Level 3 Liabilities Measured at Fair Value

A summary of the private warrants activity from December 31, 2021 to December 31, 2022 is as follows (in thousands):

			Fair value (Level 3)
Balance at December 31, 2021			$	938
Change in fair value			(154)
Balance at December 31, 2022			$	784

Changes in Level 3 liabilities measured at fair value from December 31, 2021 to December 31, 2022 are as follows (in thousands):

			Fair value (Level 3)
Balance at December 31, 2021			$	5,175
Change in fair value			(1,505)
Balance at December 31, 2022			$	3,670

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
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-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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