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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
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 December 31, 2021 |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash | $ | 47,127 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,127 |
Marketable securities | — |  |  | 397,458 |  |  | — |  |  | 397,458 |
Derivative asset | — |  |  | 202 |  |  | — |  |  | 202 |
Total fair value | $ | 47,127 |  |  | $ | 397,660 |  |  | $ | — |  |  | $ | 444,787 |
Liabilities: |  |  |  |  |  |  |
Assumed common stock warrants (Public) | $ | 35,983 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,983 |
Assumed common stock warrants (Private Placement) | — |  |  | 16,877 |  |  | — |  |  | 16,877 |
Earnout liability | — |  |  | — |  |  | 127,757 |  |  | 127,757 |
Derivative liability | — |  |  | 103 |  |  | — |  |  | 103 |
Total fair value | $ | 35,983 |  |  | $ | 16,980 |  |  | $ | 127,757 |  |  | $ | 180,720 |
| 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 |
Schedule of Marketable Securities | The following table summarizes, by major security type, the Company’s marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. Amortized cost net of unrealized gain (loss) is equal to fair value as of December 31, 2021. The fair value as of December 31, 2021 is as follows:
| As of December 31, 2021
(in thousands) |  |  |  |  |  |  |
Investments Classified as Marketable Securities | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Corporate bonds | $ | 274,939 |  |  | $ | 100 |  |  | $ | (1,725) |  |  | $ | 273,314 |
Asset-backed securities | 96,713 |  |  | 190 |  |  | (199) |  |  | 96,704 |
U.S. government and agency securities | 20,235 |  |  | — |  |  | (64) |  |  | 20,171 |
Foreign government and agency securities | 3,262 |  |  | — |  |  | (19) |  |  | 3,243 |
Municipal/provincial bonds and other | 4,000 |  |  | 5 |  |  | — |  |  | 4,005 |
Total | $ | 399,149 |  |  | $ | 295 |  |  | $ | (2,007) |  |  | $ | 397,437 |
Pending purchases and sales | 21 |  |  | — |  |  | — |  |  | 21 |
Total marketable securities | $ | 399,170 |  |  | $ | 295 |  |  | $ | (2,007) |  |  | $ | 397,458 |
Schedule of Marketable Security Contractual Maturities | The contractual maturities of the investments classified as marketable securities are as follows (in millions):
(in thousands) | Mature within one year |  | Mature after one year through two years |  | Mature over two years |  | Fair Value
Corporate bonds | $ | 92,559 |  |  | $ | 134,199 |  |  | $ | 46,556 |  |  | $ | 273,314 |
Asset-backed securities | — |  |  | 2,000 |  |  | 94,704 |  |  | 96,704 |
U.S. government and agency securities | — |  |  | 7,995 |  |  | 12,176 |  |  | 20,171 |
Foreign government and agency securities | 2,877 |  |  | — |  |  | 366 |  |  | 3,243 |
Municipal/provincial bonds and other | 2,002 |  |  | 2,003 |  |  | — |  |  | 4,005 |
Total | $ | 97,438 |  |  | $ | 146,197 |  |  | $ | 153,802 |  |  | $ | 397,437 |
Pending purchases and sales |  |  |  |  |  |  | 21 |
Total marketable securities | $ | 97,438 |  |  | $ | 146,197 |  |  | $ | 153,802 |  |  | $ | 397,458 |
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 embedded components of the stockholder convertible notes payable, 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:
Redeemable Convertible Preferred Stock Warrant | Years Ended December 31,
(in thousands) | 2021 |  | 2020
Beginning warrant liability balance | $ | 19,233 |  |  | $ | 735 |
Change in fair value of warrants liability | 35,034 |  |  | 18,498 |
Reclassification to APIC upon recapitalization | (54,267) |  |  | — |
Ending warrant liability balance | $ | — |  |  | $ | 19,233 |
Embedded Derivative - Stockholder Convertible Notes Payable | Years Ended December 31,
(in thousands) | 2021 |  | 2020
Beginning derivative liabilities balance | $ | 1,238 |  |  | $ | 150 |
Change in fair value | (1,238) |  |  | 1,088 |
Ending derivative liabilities balance | $ | — |  |  | $ | 1,238 |

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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 http://asc.fasb.org/extlink&oid=123874694&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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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