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Stock Warrants and Earnouts (Tables) | 6 Months Ended
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Jul. 31, 2021
Stock Warrants And Earnouts [Abstract] |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The Level 3 fair value inputs used in the recurring valuation of the redeemable convertible preferred stock warrant liability were as follows:
|  | February 26, 2021 (Merger Date) |  |  | January 31, 2021 |
Expected volatility |  |  | 84.3 | % |  |  | 80.5 | %
Risk-free interest rate |  |  | 0.0 | % |  |  | 0.1 | %
Dividend rate |  |  | 0.0 | % |  |  | 0.0 | %
Expected term (years) |  |  | 0.0 |  |  |  | 1.4 |
Summary of Fair Value Private Placement Warrants Basis Valuation Techniques | The Private Placement Warrants were valued using the following assumptions under the BLM that assumes optimal exercise of the Company’s redemption option at the earliest possible date:
|  | July 31, 2021 |  |  | February 26, 2021 |
Market price of public stock |  | $ | 23.65 |  |  |  | $30.83 |
Exercise price |  | $ | 11.50 |  |  |  | $11.50 |
Expected term (years) |  |  | 4.6 |  |  |  | 5.0 |
Volatility |  |  | 70.2 | % |  |  | 73.5 | %
Risk-free interest rate |  |  | 0.6 | % |  |  | 0.8 | %
Dividend rate |  |  | 0.0 | % |  |  | 0.0 | %
Summary of Assumed Public Warrants | Activity of warrants is set forth below:
|  | Legacy Common and Preferred Stock Warrants (1) |  |  | Private Placement Warrants |  |  | Public Warrants |  |  | Total Common Stock Warrants (1) |
Outstanding as of January 31, 2021 |  |  | 38,761,031 |  |  |  | — |  |  |  | — |  |  |  | 38,761,031 |
Common Stock Warrants as Part of the Merger |  |  | — |  |  |  | 6,521,568 |  |  |  | 10,470,562 |  |  |  | 16,992,130 |
Warrants Exercised |  |  | (1,685,185 | ) |  |  | (4,347,712 | ) |  |  | (10,226,081 | ) |  |  | (16,258,978 | )
Warrants Redeemed |  |  | — |  |  |  | — |  |  |  | (244,481 | ) |  |  | (244,481 | )
Outstanding as of July 31, 2021 |  |  | 37,075,846 |  |  |  | 2,173,856 |  |  |  | — |  |  |  | 39,249,702 |
(1) | The shares (and the warrants’ exercise prices) subject to the Company’s Legacy common and preferred stock warrants were restated to reflect the exchange ratio of approximately 0.9966 established in the Merger Agreement as discussed in Note 3.
Summary of Fair Value Earnout Liability Basis Valuation Techniques | Assumptions used in the valuation are described below.
|  | March 12, 2021 |  |  | February 26, 2021 |
Current stock price |  | $ | 27.84 |  |  | $ | 30.83 |
Expected volatility |  |  | 72.00 | % |  |  | 71.60 | %
Risk-free interest rate |  |  | 0.85 | % |  |  | 0.75 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | %
Expected term (years) |  |  | 4.96 |  |  |  | 5.00 |

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- Definition Fair value earnout liability basis valuation techniques. + References No definition available. + Details
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- Definition Fair value private placement warrants basis valuation techniques. + References No definition available. + Details
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- Definition Schedule of assumed public warrants. + References No definition available. + Details
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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 -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 + Details
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