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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

Financial instruments that are measured at fair value on a recurring basis and their corresponding placement in the fair value hierarchy consisted of the following (in thousands):

			March 31, 2023
			Level 1						Level 2						Level 3						Fair Value
Assets:
Money market funds			$	268,940					$	—					$	—					268,940
Total assets			$	268,940					$	—					$	—					$	268,940
Liabilities:
Warrant liability - Public Warrants			$	400					$	—					$	—					$	400
Warrant liability - Private Warrants			—						226						—						226
Equipment Notes			—						—						263,249						263,249
Total liabilities			$	400					$	226					$	263,249					$	263,875
			December 31, 2022
			Level 1						Level 2						Level 3						Fair Value
Assets:
Money market funds			$	230,626					$	—					$	—					$	230,626
Treasury bills			199,700						—						—						199,700
Total assets			$	430,326					$	—					$	—					$	430,326
Liabilities:
Warrant liability - Public Warrants			$	479					$	—					$	—					$	479
Warrant liability - Private Warrants			—						272						—						272
Equipment Notes			—						270,000						—						270,000
Total liabilities			$	479					$	270,272					$	—					$	270,751

Schedule of Changes in Fair Value of Warrant Liability

The following table presents the changes in the fair value of the warrant liability (in thousands):

			Public Warrants						Private Warrants						Total Warrant Liability
Fair value as of December 31, 2022			$	479					$	272					$	751
Change in fair value of warrant liability			(80)						(45)						(125)
Fair value as of March 31, 2023			$	399					$	227					$	626

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an 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 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&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 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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