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Fair Value Measures and Disclosures (Tables)

9 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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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

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-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

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