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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table provides the financial instruments measured at fair value (in thousands):

			September 30, 2021
			Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
Money market fund			$	3,787					$	—					$	—					$	3,787
Debt securities
Corporate debt securities			—						34,363						—						34,363
Commercial paper			—						20,740						—						20,740
U.S. government bonds			—						80,840						—						80,840
Certificate of deposits			—						24,523						—						24,523
Other			—						10,329						—						10,329
Total financial assets			$	3,787					$	170,795					$	—					$	174,582

			December 31, 2020
			Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
Money market fund			$	67					$	—					$	—					$	67
Liabilities
Convertible preferred stock warrant liability			$	—					$	—					$	95,342					$	95,342

Key Assumptions Used for Valuation

The key assumptions used for the valuation of the preferred stock warrant liabilities upon remeasurement were as follows:

			Nine Months Ended September 30,
			2020
Volatility			65.0		%
Risk-free interest rate			0.1		%
Expected term (in years)			1.8
Dividend yield			—		%
Discount for lack of marketability			36.5		%

Schedule of Changes in Liability for Unobservable Inputs

The following table presents the changes in the liability for the Company’s warrants during the nine months ended September 30, 2021 (in thousands):

			Warrant Liability
Balance as of December 31, 2020			$	95,342
Changes in estimated fair value			(1,303)
Assumption of warrant liability upon Merger			303,221
Conversion of warrants upon Merger			(59,442)
Exchange of warrants			(168,647)
Exercised warrants			(169,171)
Balance as of September 30, 2021			$	—

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.

+ References

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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