Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
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):

Fair Value Measurements at September 30, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

Money market funds

$

326,515

$

$

$

326,515

$

326,515

$

$

$

326,515

Liabilities:

  

 

  

 

  

 

  

Contingent earn-out liability

$

$

$

35,027

$

35,027

Contingently issuable common stock liability

5,952

5,952

Public Warrant liability

20,484

20,484

$

$

$

61,463

$

61,463

Fair Value Measurements as of December 31, 2020

    

Level 1

    

Level 2

    

Level 3

    

Total

Liabilities:

 

  

 

  

 

  

 

  

Warrant liability

$

$

$

1

$

1

Derivative liability

 

 

 

1,000

 

1,000

$

$

$

1,001

$

1,001

Warrants to purchase common stock  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of common stock warrant liability

The following table provides a rollforward of the common stock warrant liability (in thousands):

Balance at December 31, 2020

$

1

Change in fair value

 

879

Conversion of common stock warrant to common stock upon the closing of the Merger

(880)

Balance at September 30, 2021

$

Derivative Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of derivative liability

The following table provides a rollforward of the derivative liability (in thousands):

Balance at December 31, 2020

$

1,000

Initial fair value of the embedded derivative

16,986

Change in fair value

 

1,745

Settlement of derivative liability upon the closing of the Merger

(19,731)

Balance at September 30, 2021

$

Contingent Earn-Out Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of contingent earn-out liability

The following table provides a rollforward of the contingent earn-out liability (in thousands):

Balance at December 31, 2020

$

Initial fair value of the instrument

66,845

Change in fair value

 

(31,818)

Balance at September 30, 2021

$

35,027

Contingently Issuable Common Stock Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of common stock warrant liability

The following table provides a rollforward of the contingently issuable common shares (in thousands):

Balance at December 31, 2020

$

Initial fair value of the instrument

11,670

Change in fair value

 

(5,718)

Balance at September 30, 2021

$

5,952

Public Warrant Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of common stock warrant liability

The following table provides a rollforward of the public warrant liability (in thousands):

Balance at December 31, 2020

$

Initial fair value of the instrument

23,636

Change in fair value

 

(3,152)

Balance at September 30, 2021

$

20,484