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v3.22.2.2

Equity Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Schedule of Shares of Common Stock Reserved for Issuance | Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
| September 30, |  | December 31,
| 2022 |  | 2021
| (share data)
Common stock warrants | 13,145,000 |  |  | 13,075,000 |
Restricted stock units issued and outstanding | 6,198,472 |  |  | 4,041,346 |
Stock options issued and outstanding | 17,731,063 |  |  | 21,191,226 |
Shares available for future grant under 2021 Equity Incentive Plan | 24,749,094 |  |  | 17,533,471 |
Reserved for employee stock purchase plan | 5,495,601 |  |  | 3,663,277 |
Total shares of common stock reserved | 67,319,230 |  |  | 59,504,320 |
Schedule of Warrants for Shares of Stock | Warrants for shares of common stock consisted of the following:
| September 30, 2022
| Issue Date |  | Expiration Date |  | Number of Warrants |  | Exercise Price per warrant |  | Fair Value on Issue Date per warrant |  | Fair Value on September 30, 2022
|  |  |  |  |  |  |  |  |  |  | (In thousands)
Private placement warrants - Common Stock | 12/02/2020 |  | 09/29/2026 |  | 4,450,000 |  |  | $11.50 |  | $2.00 |  | 3,605 |
2022 Private Warrant - Common Stock | 07/25/2022 |  | 07/24/2034 |  | 70,000 |  |  | $2.56 |  | $2.43 |  | 245 |
Public warrants - Common Stock | 12/02/2020 |  | 09/29/2026 |  | 8,625,000 |  |  | $11.50 |  | $3.30 |  | 6,986 |
|  |  |  |  | 13,145,000 |  |  |  |  |  |  | $ | 10,836 |
| December 31, 2021
| Issue Date |  | Expiration Date |  | Number of Warrants |  | Exercise Price per warrant |  | Fair Value on Issue Date per warrant |  | Fair Value on December 31, 2021
|  |  |  |  |  |  |  |  |  |  | (In thousands)
Private placement warrants - Common Stock | 12/02/2020 |  | 09/29/2026 |  | 4,450,000 |  |  | $11.50 |  | $2.00 |  | 7,387 |
Public warrants - Common Stock | 12/02/2020 |  | 09/29/2026 |  | 8,625,000 |  |  | $11.50 |  | $3.30 |  | 14,318 |
|  |  |  |  | 13,075,000 |  |  |  |  |  |  | $ | 21,705 |
Warrant Liability Rollforward | The liability for warrants on common stock carried at fair value was as follows:
| Nine Months Ended September 30,
| 2022 |  | 2021
| (In thousands)
Beginning Balance | $ | 21,705 |  |  | $ | — |
Issuance of warrants | 170 |  |  | 21,051 |
Gain (loss) on fair value of warrants | (11,039) |  |  | (915) |
Ending Balance | $ | 10,836 |  |  | $ | 20,136 |
| Three Months Ended September 30,
| 2022 |  | 2021
| (In thousands)
Beginning Balance | $ | 4,053 |  |  | $ | — |
Issuance of warrants | 170 |  |  | 21,051 |
Gain (loss) on fair value of warrants | 6,613 |  |  | (915) |
Ending Balance | $ | 10,836 |  |  | $ | 20,136 |
The liability for warrants on redeemable convertible preferred stock (carried at fair value) was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2021
| (In thousands)
Beginning Balance | $ | 1,922 |  |  | $ | 181 |
Change in fair value (Other income (expense), net) | (1,023) |  |  | 718 |
Exercise of warrants (Redeemable preferred convertible stock) | (899) |  |  | (899) |
Ending Balance | $ | — |  |  | $ | — |
Fair Value Assumptions | The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows:
| As of September 30, 2022 |  | As of December 31, 2021
Current stock price | $ | 3.94 |  |  | $ | 7.81 |
Expected volatility | 62.0 | % |  | 40.5 | %
Risk-free interest rate | 4.2 | % |  | 1.2 | %
Dividend rate | — | % |  | — | %
Expected Term (years) | 4.00 |  | 4.75
The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrant liability were as follows:
| As of September 30, 2022
Current stock price | $ | 3.94 |
Expected volatility | 77.8 | %
Risk-free interest rate | 3.8 | %
Dividend rate | — | %
Expected Term (years) | 11.82
Assumptions used in the fair value of the contingent earnout liabilities are described below.
| As of September 30, 2022 |  | As of December 31, 2021
Current stock price | $3.94 |  | $7.81
Expected volatility | 78.6% |  | 52.5%
Risk-free interest rate | 4.2% |  | 1.2%
Dividend yield | —% |  | —%
Expected Term (years) | 4.00 |  | 4.75
Schedule Of Contingent Earnout Liabilities | The rollforward for the contingent earnout liabilities was as follows:
| Nine Months Ended September 30, |  |  |  |  |
| 2022 |  |  |  |  |
Beginning Balance | $ | 111,487 |  |  |  |  |  |
Gain on fair value of contingent earnout liabilities | (58,110) |  |  |  |  |  |
Ending Balance | $ | 53,377 |  |  |  |  |  |

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- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21553-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21488-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21484-112644 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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