SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:

	As of
	September 30, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Cash and cash equivalents	$	586,986	$	840,913	$	907,530	$	85,688
Restricted cash and cash equivalents – current	—		4,365		10,952		—
Restricted cash and cash equivalents – non-current	—		4,000		4,000		4,144
Cash, cash equivalents and restricted cash and cash equivalents	$	586,986	$	849,278	$	922,482	$	89,832

Restrictions on Cash and Cash Equivalents

The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:

	As of
	September 30, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Cash and cash equivalents	$	586,986	$	840,913	$	907,530	$	85,688
Restricted cash and cash equivalents – current	—		4,365		10,952		—
Restricted cash and cash equivalents – non-current	—		4,000		4,000		4,144
Cash, cash equivalents and restricted cash and cash equivalents	$	586,986	$	849,278	$	922,482	$	89,832

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The carrying value and fair value of the Company’s financial instruments are as follows:

	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents – money market	$	538,950	$	—	$	—	$	538,950
Liabilities
Warrant liability	$	—	$	—	$	4,428	$	4,428
Derivative liability	—		—		7,386		7,386

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents – money market	$	827,118	$	—	$	—	$	827,118
Restricted cash equivalents – money market	4,100		—		—		4,100
Liabilities
Warrant liability	$	—	$	—	$	7,335	$	7,335

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The change in fair value of the Warrant Liability was as follows:

	Warrant Liability
Estimated fair value at December 31, 2020	$	7,335
Change in fair value	(2,907)
Estimated fair value at September 30, 2021	$	4,428

The change in fair value of the derivative liability was as follows:

	Derivative Liability
Estimated fair value at September 13, 2021	$	7,705
Change in fair value	(319)
Estimated fair value at September 30, 2021	$	7,386

Fair Value Measurement Inputs and Valuation Techniques

The following reflects the significant quantitative inputs used:

	As of April 10, 2020
Estimated future value of Series D redeemable convertible preferred stock	$	10.00
Discount rate	—		%
Time to liquidity (years)	0

The following reflects the inputs and assumptions used:

	As of
	September 30, 2021			December 31, 2020
Stock price	$	10.67		$	15.26
Exercise price	$	11.50		$	11.50
Remaining term (in years)	3.67			4.42
Volatility	80		%	75		%
Risk-free rate	0.68		%	0.30		%
Expected dividend yield	—		%	—		%

The following reflects the inputs and assumptions used:

	As of
	June 22, 2021
Stock price	$	17.32
Strike Price	$	14.86
Volatility	95		%
Risk-free rate	0.10		%

The following reflects the inputs and assumptions used:

	As of
	September 13, 2021			September 30, 2021
Stock Price	$	10.03		$	10.67
Strike Price	$	14.86		$	14.86
Volatility	95		%	95		%
Risk-free rate	0.07		%	0.07		%