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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measurements on a Recurring Basis | As of September 30, 2023 and December 31, 2022, 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 follows (in thousands):
| September 30, 2023 |  | December 31, 2022
| Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 60,349 |  | $ | 129,261 |  | $ | — |  | $ | 189,610 |  |  | $ | 51,250 |  | $ | — |  | $ | — |  | $ | 51,250 |
Restricted cash equivalents - current | 33,277 |  | — |  | — |  | 33,277 |  |  | 68,850 |  | — |  | — |  | 68,850 |
Restricted cash equivalents - noncurrent | 151,513 |  | — |  | — |  | 151,513 |  |  | 94,781 |  | — |  | — |  | 94,781 |
Investments: |  |  |  |  |  |  |  |  |
Commercial paper, available for sale | — |  | 9,866 |  | — |  | 9,866 |  |  | — |  | 32,756 |  | — |  | 32,756 |
Corporate Bonds, available for sale | — |  | — |  | — |  | — |  |  | — |  | 58,442 |  | — |  | 58,442 |
US Treasury Notes, Available for sale | 2,160 |  | — |  | — |  | 2,160 |  |  | — |  | — |  | — |  | — |
Municipal bonds, available for sale | — |  | — |  | — |  | — |  |  | — |  | 7,394 |  | — |  | 7,394 |
Total investments | $ | 2,160 |  | $ | 9,866 |  | $ | — |  | $ | 12,026 |  |  | $ | — |  | $ | 98,592 |  | $ | — |  | $ | 98,592 |
Liabilities |  |  |  |  |  |  |  |  |
Warrant liability: |  |  |  |  |  |  |  |  |
RTI warrants | $ | — |  | $ | — |  | $ | 2,185 |  | $ | 2,185 |  |  | $ | — |  | $ | — |  | $ | 3,670 |  | $ | 3,670 |
Private warrants | — |  | — |  | 493 |  | 493 |  |  | — |  | — |  | 784 |  | 784 |
Series A warrants | — |  | 35,536 |  | — |  | 35,536 |  |  | — |  | 51,429 |  | — |  | 51,429 |
Total warrant liability | $ | — |  | $ | 35,536 |  | $ | 2,678 |  | $ | 38,214 |  |  | $ | — |  | $ | 51,429 |  | $ | 4,454 |  | $ | 55,883 |
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 and were valued using the following assumptions:
| September 30, 2023 |  | December 31, 2022
Expected annual dividend yield | — | % |  | — | %
Expected volatility | 101.1 | % |  | 105.1 | %
Risk-free rate of return | 4.9 | % |  | 4.2 | %
Expected option term (years) | 2.5 |  | 3.2
The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions:
| September 30, 2023 |  | December 31, 2022
Expected annual dividend yield | — | % |  | — | %
Expected volatility | 89.5 | % |  | 99.7 | %
Risk-free rate of return | 5.3 | % |  | 4.4 | %
Expected option term (years) | 1.3 |  | 2.0
Level 3 Liabilities Measured at Fair Value | A summary of the private warrants activity from December 31, 2022 to September 30, 2023 is as follows:
| Fair value (Level 3)
Balance at December 31, 2022 | $ | 784 |
Change in fair value | (291) |
Balance at September 30, 2023 | $ | 493 |
Changes in Level 3 liabilities measured at fair value from December 31, 2022 to September 30, 2023 are as follows (in thousands):
| Fair value (Level 3)
Balance at December 31, 2022 | $ | 3,670 |
Change in fair value | (1,485) |
Balance at September 30, 2023 | $ | 2,185 |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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