Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures and Disclosures (Tables)

v3.21.2
Fair Value Measures and Disclosures (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021
Level 1 Level 2 Level 3 Total
(In thousands)
Assets
Money market funds $ 296,826  $ —  $ —  $ 296,826 
Total financial assets $ 296,826  $ —  $ —  $ 296,826 
Liabilities
Common stock warrant liabilities (Public) $ 13,283  $ —  $ —  $ 13,283 
Common stock warrant liabilities (Private Placement) —  —  6,853  6,853 
Contingent earnout liabilities —  —  118,749  118,749 
Total financial liabilities $ 13,283  $ —  $ 125,602  $ 138,885 
Fair Value Measured as of December 31, 2020
Level 1 Level 2 Level 3 Total
(In thousands)
Assets
Money market funds $ 15,517  $ —  $ —  $ 15,517 
Total financial assets $ 15,517  $ —  $ —  $ 15,517 
Liabilities
Redeemable convertible preferred stock warrant liability $ —  $ —  $ 181  $ 181 
Total financial liabilities $ —  $ —  $ 181  $ 181 
Summary of Changes in Fair Value of Level 3 Financial Instruments
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:
Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities
(In thousands)
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 
Change in fair value 718  (312) (2,014)
Issuance of warrants —  —  — 
Exercise of warrants (899) —  — 
Fair value as of September 30, 2021 $ —  $ 6,853  $ 118,749 
Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities
(In thousands)
Fair value as of January 1, 2020 $ 185  $ —  $ — 
Change in fair value (5) —  — 
Issuance of warrants —  —  — 
Exercise of warrants —  —  — 
Fair value as of September 30, 2020 $ 180  $ —  $ —