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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
FAIR VALUE MEASUREMENTS |  |
Schedule of Financial Instruments Measured at Fair Value | The following table provides the financial instruments measured at fair value (in thousands): ​
​ | ​ | March 31, 2021 |
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market fund | ​ | $ | 67 | ​ | $ | — | ​ | $ | — | ​ | $ | 67 | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible preferred stock warrant liability | ​ | $ | — | ​ | $ | — | ​ | $ | 161,486 | ​ | $ | 161,486 | ​
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 161,486 | ​ | $ | 161,486 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 95,342 | ​ | $ | 95,342 | ​
| The following table provides the financial instruments measured at fair value (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2020
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents: |  | $ | 67 | ​ | $ | — |  | $ | — |  | $ | 67
Money market fund |  | ​ |  | ​ |  |  |  | ​ |  |  | ​ |
Liabilities |  | ​ |  | ​ |  |  |  | ​ |  |  | ​ |
Convertible preferred stock warrant liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 95,342 | ​ | $ | 95,342
Embedded derivative liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 95,342 | ​ | $ | 95,342
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2019
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents: | ​ | $ | 67 |  | $ | — |  | $ | — | ​ | $ | 67
Money market fund | ​ |  |  |  | ​ |  |  | ​ |  | ​ |  |
Liabilities | ​ |  |  |  | ​ |  |  | ​ |  | ​ |  |
Convertible preferred stock warrant liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 6,094 | ​ | $ | 6,094
Embedded derivative liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 786 | ​ | $ | 786
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | 6,880 | ​ | $ | 6,880
​
Schedule of quantitative information regarding Level 3 fair value measurements inputs as their measurement dates | The key assumptions used for the valuation of the preferred stock warrant liabilities upon remeasurement were as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |
​ |  | 2021 |  | 2020 | ​
Volatility | ​ | 65.0 | % | 75.0 | %
Risk-free interest rate | ​ | 0.1 | % | 0.3 | %
Expected term (in years) | ​ | 1.2 | ​ | 2.3 | ​
Dividend yield | ​ | — | % | — | %
Discount for lack of marketability | ​ | 6.8 | % | 40.0 | %
Schedule of change in the fair value of the derivative warrant liabilities | The following table presents the changes in the liability for warrants on convertible preferred stock during the three months ended March 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​
​ |  | Convertible Preferred Warrant Warrant Stock |
Balance as of December 31, 2020 | ​ | $ | 95,342 | ​
Change in fair value of warrants | ​ | ​ | 66,397 | ​
Exercised warrants | ​ | ​ | (253) | ​
Balance as of March 31, 2021 | ​ | $ | 161,486 | ​

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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=117815213&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=117815213&loc=d3e19279-110258 + Details
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