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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands):

December 31, 2021			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents and restricted cash:
Money market funds			$	237,897					$	—					$	—					$	237,897
Certificate of deposit			—						125						—						125
Total assets			$	237,897					$	125					$	—					$	238,022
Liabilities:
Earnout warrant liabilities			$	—					$	1,476					$	—					$	1,476
Public common stock warrants			18,666						—						—						18,666
Private common stock warrants			—						8,855						—						8,855
Total liabilities			$	18,666					$	10,331					$	—					$	28,997

December 31, 2020			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents and restricted cash:
Money market funds			$	3,046					$	—					$	—					$	3,046
Certificate of deposit			—						326						—						326
Total assets			$	3,046					$	326					$	—					$	3,372
Liabilities:
Derivative liabilities			$	—					$	—					$	22,911					$	22,911
Warrant liabilities			—						—						3,329						3,329
Total liabilities			$	—					$	—					$	26,240					$	26,240

Schedule of Changes in Fair Value Liabilities on Recurring Basis

The following table sets forth a summary of changes in the fair value of the Company’s level 3 liabilities at fair value on a recurring basis for the years ended December 31, 2021 and 2020 (in thousands):

			2021						2020
Bridge loan:
Beginning balance January 1			$	—					$	—
Fair value of Bridge loan funded			20,000						—
Accrued interest			1,578						—
Change in fair value			—						—
Repayment of loan principal and interest			(21,578)						—
Ending balance December 31			—						—
Warrant liabilities:
Beginning balance January 1			3,329						1,989
Change in fair value			17,753						1,296
Fair value of warrants issued			5,096						44
Fair value of warrants exercised			(26,178)						—
Ending balance December 31			—						3,329
Series C-2 Convertible Preferred Stock Issuance Right liability:
Beginning balance January 1			22,911						11,379
Change in fair value			223,165						11,532
Fair value of derivatives extinguished			(23,152)						—
Fair value of Series C-2 Convertible Preferred Stock Issuance Right exercised			(222,924)						—
Ending balance December 31			—						22,911
Total			$	—					$	26,240

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- References

No definition available.

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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 http://asc.fasb.org/extlink&oid=123874694&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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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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

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