FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

As of June 30, 2021 and December 31, 2020, assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	June 30, 2021
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents:
Money market funds	$	8,001	$	8,001	$	—	$	—
Corporate debt securities	3,504		—		3,504		—

Commercial paper	15,998		—		15,998		—
U.S. government securities	8,000		—		8,000		—

Subtotal	35,503		8,001		27,502		—
Available-for-sale debt investments:
U.S. government securities	44,006		—		44,006		—
Municipal securities	57,170		—		57,170		—
Corporate debt securities	71,794		—		71,794		—
Asset-backed securities	13,431		—		13,431		—
U.S. agency mortgage-backed securities	10,993		—		10,993		—
Commercial paper	21,243		—		21,243		—
Certificates of deposit	4,999		—		4,999		—
Subtotal	223,636		—		223,636		—
Total	$	259,139	$	8,001	$	251,138	$	—

Financial Liabilities:

Private Placement Warrants	9,852		—		9,852		—
Total	$	9,852	$	—	$	9,852	$	—


	December 31, 2020
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents:
U.S. Treasury Bills	$	16,000	$	16,000	$	—	$	—
Total	$	16,000	$	16,000	$	—	$	—

Financial liabilities:
Public Warrants	$	71,453	$	71,453	$	—	$	—
Private Placement Warrants	67,013		—		67,013		—
Total	$	138,466	$	71,453	$	67,013	$	—

Fair Value Measurement Inputs and Valuation Techniques

The key assumptions used to determine the fair value of the Private Placement Warrants as of June 30, 2021 and December 31, 2020 using the Black-Scholes model were as follows:


Fair Value Assumptions	June 30, 2021	December 31, 2020
Risk-free interest rate	0.77%	0.17%
Expected term (in years)	4.5	5
Expected volatility	58%	57%
Dividend yield	—	—
Fair value of common stock	$8.14	$22.49