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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Summary Of Assets And Liabilities Measured At Fair Value

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:


	Fair Value as of September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	459,778	$	—	$	—	$	459,778
Total fair value	$	459,778	$	—	$—		$	459,778
Liabilities:
Assumed common stock warrants (Public)	$	37,916	$	—	$	—	$	37,916
Assumed common stock warrants (Private Placement)	$	—	$	17,783	$	—	$	17,783
Earnout liability	$	—	$	—	$	136,199	$	136,199
Total fair value	$	37,916	$	17,783	$	136,199	$	191,898


	Fair Value as of December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents and restricted cash	$	1,874	$	—	$	—	$	1,874
Total fair value	$	1,874	$	—	$	—	$	1,874
Liabilities:
Redeemable convertible preferred stock warrants liability	$	—	$	—	$	19,233	$	19,233
Derivative liability	—		—		1,239		1,239
	$	—	$	—	$	20,472	$	20,472

Summary of Key Assumptions for Determining Fair Value of Redeemable Convertible Preferred Stock Warrants

A summary of key assumptions in the BSM for determining the fair value of redeemable convertible preferred stock warrants include:


	December 31, 2020
Expected life (years)	3.00
Risk-free interest rate	0.17	%
Expected volatility	70.00	%
Dividend yield	0	%

Summary of Fair Value of Redeemable Convertible Preferred Stock Warrants Liability and Derivative Liability

The following table sets forth a summary of the activities of the Company’s redeemable convertible preferred stock warrant liability and derivative liability, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy wherein fair value is estimated using significant unobservable inputs:


	Three Months Ended September 30,
(in thousands)	2021		2020
Beginning warrant liability balance	$	—	$	840
Change in fair value of warrants liability	—		1,024
Reclassification to APIC upon recapitalization	—		—
Ending warrant liability balance	$	—	$	1,864

	Three Months Ended September 30,
(in thousands)	2021		2020
Beginning derivative liability balance	$	—	$	135
Change in fair value	—		67
Ending derivative liability balance	$	—	$	202