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v3.22.2.2

Fair Value Measures and Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:
| Fair Value Measured as of September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Assets |  |  |  |  |  |  |
Money market funds (i) | $ | 39,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,215 |
U.S. Treasury securities (ii) | 35,131 |  |  | — |  |  | — |  |  | 35,131 |
Corporate bonds (ii) | — |  |  | 37,347 |  |  | — |  |  | 37,347 |
Total financial assets | $ | 74,346 |  |  | $ | 37,347 |  |  | $ | — |  |  | $ | 111,693 |
Liabilities |  |  |  |  |  |  |
Common stock warrant liabilities (Public) (iii) | $ | 6,986 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,986 |
Common stock warrant liabilities (Private Placement) (iii) | — |  |  | — |  |  | 3,605 |  |  | 3,605 |
Common stock warrant liabilities (2022 Private Warrant) (iii) |  |  |  |  | 245 |  |  | 245 |
Contingent earnout liabilities | — |  |  | — |  |  | 53,377 |  |  | 53,377 |
Total financial liabilities | $ | 6,986 |  |  | $ | — |  |  | $ | 57,227 |  |  | $ | 64,213 |
| Fair Value Measured as of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Assets |  |  |  |  |  |  |
Money market funds (i) | $ | 207,471 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,471 |
U.S. Treasury securities (ii) | 8,141 |  |  | — |  |  | — |  |  | 8,141 |
Corporate bonds (ii) | — |  |  | 7,342 |  |  | — |  |  | 7,342 |
Total financial assets | $ | 215,612 |  |  | $ | 7,342 |  |  | $ | — |  |  | $ | 222,954 |
Liabilities |  |  |  |  |  |  |
Common stock warrant liabilities (Public) (iii) | $ | 14,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,318 |
Common stock warrant liabilities (Private Placement) (iii) | — |  |  | — |  |  | 7,387 |  |  | 7,387 |
Contingent earnout liabilities | — |  |  | — |  |  | 111,487 |  |  | 111,487 |
Total financial liabilities | $ | 14,318 |  |  | $ | — |  |  | $ | 118,874 |  |  | $ | 133,192 |
(i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a rollforward of the Level 3 assets and liabilities measured at fair value on a recurring basis:
| Redeemable convertible preferred stock warrant liabilities |  | Private placement warrant liabilities |  | 2022 Private Warrant |  | Contingent earnout liabilities
| (In thousands)
Three Months Ended September 30, 2022 |
Fair value as of June 30, 2022 | $ | — |  |  | $ | 1,380 |  |  | $ | — |  |  | $ | 12,492 |
Issuance of warrant | — |  |  | — |  |  | 170 |  |  | — |
Change in fair value | — |  |  | 2,225 |  |  | 75 |  |  | 40,885 |
Fair value as of September 30, 2022 | $ | — |  |  | $ | 3,605 |  |  | $ | 245 |  |  | $ | 53,377 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |
Fair value as of January 1, 2022 | $ | — |  |  | $ | 7,387 |  |  | $ | — |  |  | $ | 111,487 |
Issuance of warrant | — |  |  | — |  |  | 170 |  | — |
Change in fair value | — |  |  | (3,782) |  |  | 75 |  |  | (58,110) |
Fair value as of September 30, 2022 | $ | — |  |  | $ | 3,605 |  |  | $ | 245 |  |  | $ | 53,377 |
Three Months Ended September 30, 2021 |
Fair value as of June 30, 2021 | $ | 1,922 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Private placement warrant liabilities acquired as part of the reverse recapitalization | — |  |  | 7,165 |  |  | — |  |  | — |
Contingent earnout liabilities recognized upon the closing of the reverse recapitalization | — |  |  | — |  |  | — |  |  | 120,763 |
Exercise of warrants | (899) |  |  | — |  |  | — |  |  | — |
Change in fair value | (1,023) |  |  | (312) |  |  | — |  |  | (2,014) |
Fair value as of September 30, 2021 | $ | — |  |  | $ | 6,853 |  |  | $ | — |  |  | $ | 118,749 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |
Fair value as of January 1, 2021 | $ | 181 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Private placement warrant liabilities acquired as part of the reverse recapitalization | — |  |  | 7,165 |  |  | — |  |  | — |
Contingent earnout liabilities recognized upon the closing of the reverse recapitalization | — |  |  | — |  |  | — |  |  | 120,763 |
Exercise of warrants | (899) |  |  | — |  |  | — |  |  | — |
Change in fair value | 718 |  |  | (312) |  |  | — |  |  | (2,014) |
Fair value as of September 30, 2021 | $ | — |  |  | $ | 6,853 |  |  | $ | — |  |  | $ | 118,749 |

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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