Quarterly report pursuant to Section 13 or 15(d)

Equity Instruments (Tables)

v3.22.2.2
Equity Instruments (Tables)
 9 Months Ended
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