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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
| Fair Value (in thousands) Measured as of December 31, 2021 Using:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 25,654 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,654 |
Commercial paper | — |  |  | 950 |  |  | — |  |  | 950 |
Total cash equivalents | $ | 25,654 |  |  | $ | 950 |  |  | $ | — |  |  | $ | 26,604 |
Marketable investments: |  |  |  |  |  |  |
U.S. Treasury | $ | 161,465 |  |  | $ | — |  |  | $ | — |  |  | $ | 161,465 |
U.S. agency and government sponsored securities | — |  |  | 4,970 |  |  | — |  |  | 4,970 |
Commercial paper | — |  |  | 39,834 |  |  | — |  |  | 39,834 |
Corporate bonds | — |  |  | 165,190 |  |  | — |  |  | 165,190 |
Asset-backed securities | — |  |  | 46,466 |  |  | — |  |  | 46,466 |
Marketable equity investments | 44,216 |  |  | — |  |  | — |  |  | 44,216 |
Total marketable investments | $ | 205,681 |  |  | $ | 256,460 |  |  | $ | — |  |  | $ | 462,141 |
Liabilities: |  |  |  |  |  |  |
Private Warrants | — |  |  | — |  |  | 31,230 |  |  | 31,230 |
Total warrant liabilities | $ | — |  |  | $ | — |  |  | $ | 31,230 |  |  | $ | 31,230 |
| Fair Value (in thousands) Measured as of December 31, 2020 Using:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 64,971 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,971 |
U.S. Treasury | 24,999 |  |  | — |  |  | — |  |  | 24,999 |
Commercial paper | — |  |  | 108,322 |  |  | — |  |  | 108,322 |
Total cash equivalents | $ | 89,970 |  |  | $ | 108,322 |  |  | $ | — |  |  | $ | 198,292 |
Marketable investments: |  |  |  |  |  |  |
U.S. Treasury | $ | 130,348 |  |  | $ | — |  |  | $ | — |  |  | $ | 130,348 |
U.S. agency and government sponsored securities | — |  |  | 19,996 |  |  | — |  |  | 19,996 |
Commercial paper | — |  |  | 73,898 |  |  | — |  |  | 73,898 |
Corporate bonds | — |  |  | 45,450 |  |  | — |  |  | 45,450 |
Asset-backed securities | — |  |  | 7,018 |  |  | — |  |  | 7,018 |
Total marketable investments | $ | 130,348 |  |  | $ | 146,362 |  |  | $ | — |  |  | $ | 276,710 |
Liabilities: |  |  |  |  |  |  |
Public Warrants | $ | 228,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 228,933 |
Private Warrants | — |  |  | 114,467 |  |  | — |  |  | 114,467 |
Total warrant liabilities | $ | 228,933 |  |  | $ | 114,467 |  |  | $ | — |  |  | $ | 343,400 |
Schedule of Changes in Liabilities Measured at Fair Value | The following table presents changes in Public and Private Warrant liabilities, which as of December 31, 2020, were classified in the fair value hierarchy as Level 1 and Level 2, respectively, (in thousands):
|  |  |  | Public Warrants |  | Private Warrants
Balance as of December 31, 2020 |  |  |  | $ | 228,933 |  |  | $ | 114,467 |
Change in fair value prior to exercise in March 2021 |  |  |  | 35,943 |  |  | 15,296 |
Change in fair value prior to redemption in March 2021 |  |  |  | (3,511) |  |  | — |
Exercise or redemption in March 2021 |  |  |  | (261,365) |  |  | (76,931) |
Private Warrants transferred to Level 3 in March 2021 |  |  |  | — |  |  | (52,832) |
Balance as of December 31, 2021 |  |  |  | $ | — |  |  | $ | — |
Level 3 Disclosures The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of December 31, 2021 (in thousands):
|  | Private Warrants
Balance as of December 31, 2020 |  | $ | — |
Private warrants transferred from Level 2 |  | 52,832 |
Measurement adjustments |  | (21,602) |
Balance as of December 31, 2021 |  | $ | 31,230 |
The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2020 (in thousands):
|  |  |  |  |  |  |  |  | 2017 Warrants |  | 2018 Warrants |  | 2020 Warrants |  | Total Legacy Warrants
Balance as of December 31, 2019 |  |  |  |  |  |  |  |  | $ | 1,035 |  |  | $ | 87 |  |  | $ | — |  |  | $ | 1,122 |
Additions |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 1,728 |  |  | 1,728 |
Exercise or conversion |  |  |  |  |  |  |  |  | (13,714) |  |  | (1,700) |  |  | (14,698) |  |  | (30,112) |
Measurement adjustments |  |  |  |  |  |  |  |  | 12,679 |  |  | 1,613 |  |  | 12,970 |  |  | 27,262 |
Balance as of December 31, 2020 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&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 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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