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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