| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
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Fair Value Measurements at December 31, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Assets: |
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| Money market funds |
$ |
149,971 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
149,971 |
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|
$ |
149,971 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
149,971 |
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| Liabilities: |
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| Long-term debt including current portion |
$ |
— |
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|
$ |
29,683 |
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|
$ |
— |
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|
$ |
29,683 |
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| Contingent earn-out liability |
— |
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|
— |
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|
14,218 |
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|
14,218 |
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| Contingently issuable common stock liability |
— |
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|
— |
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|
3,392 |
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|
3,392 |
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| Public Warrant liability |
6,124 |
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— |
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— |
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|
6,124 |
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|
$ |
6,124 |
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|
$ |
29,683 |
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$ |
17,610 |
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$ |
53,417 |
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Fair Value Measurements at December 31, 2021 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
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| Money market funds |
$ |
297,536 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
297,536 |
|
|
$ |
297,536 |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
297,536 |
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| Liabilities: |
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| Long-term debt including current portion |
$ |
— |
|
|
$ |
9,945 |
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|
$ |
— |
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|
$ |
9,945 |
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| Contingent earn-out liability |
— |
|
|
— |
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|
21,206 |
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|
21,206 |
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| Contingently issuable common stock liability |
— |
|
|
— |
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|
5,264 |
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|
5,264 |
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| Public Warrant liability |
11,030 |
|
|
— |
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|
— |
|
|
11,030 |
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|
$ |
11,030 |
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|
$ |
9,945 |
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|
$ |
26,470 |
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$ |
47,445 |
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| Schedule of common stock warrant liability |
The following table provides a rollforward of the common stock warrant liability (in thousands):
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| Balance at December 31, 2020 |
$ |
1 |
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| Change in fair value |
879 |
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| Conversion of common stock warrant to common stock upon the closing of the Merger |
(880) |
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| Balance at December 31, 2021 |
$ |
— |
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The following table provides a rollforward of the derivative liability (in thousands):
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| Balance at December 31, 2020 |
$ |
1,000 |
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| Initial fair value of the embedded derivative |
16,986 |
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| Change in fair value |
1,745 |
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| Settlement of derivative liability upon the closing of the Merger |
(19,731) |
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| Balance at December 31, 2021 |
$ |
— |
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The following table provides a rollforward of the contingent earn-out liability (in thousands):
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| Balance at December 31, 2020 |
$ |
— |
|
| Initial fair value of the instrument |
68,566 |
|
| Change in fair value |
(47,360) |
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| Balance at December 31, 2021 |
$ |
21,206 |
|
| Change in fair value |
(6,988) |
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| Balance at December 31, 2022 |
$ |
14,218 |
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The following table provides a rollforward of the contingently issuable common shares (in thousands):
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| Balance at December 31, 2020 |
$ |
— |
|
| Initial fair value of the instrument |
11,670 |
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| Change in fair value |
(6,406) |
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| Balance at December 31, 2021 |
$ |
5,264 |
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| Change in fair value |
(1,872) |
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| Balance at December 31, 2022 |
$ |
3,392 |
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The following table provides a rollforward of the public warrant liability (in thousands):
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| Balance at December 31, 2020 |
$ |
— |
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| Initial fair value of the instrument |
23,636 |
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| Change in fair value |
(12,606) |
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| Balance at December 31, 2021 |
$ |
11,030 |
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| Change in fair value |
(4,906) |
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| Balance at December 31, 2022 |
$ |
6,124 |
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