FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

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

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


	December 31, 2021
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents:
Money market funds	$	263	$	263	$	—	$	—





Subtotal	263		263		—		—
Available-for-sale debt investments:
U.S. government securities	27,971		—		27,971		—
Municipal securities	37,223		—		37,223		—
Corporate debt securities	21,584		—		21,584		—
Asset-backed securities	5,881		—		5,881		—
U.S. agency mortgage-backed securities	4,650		—		4,650		—


Subtotal	97,309		—		97,309		—
Total	$	97,572	$	263	$	97,309	$	—

Financial Liabilities:

Private Placement Warrants	$	1,526	$	—	$	1,526	$	—
Total	$	1,526	$	—	$	1,526	$	—


	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 December 31, 2021 and December 31, 2020 using the Black-Scholes model were as follows:


Fair Value Assumptions	December 31, 2021	December 31, 2020
Risk-free interest rate	1.11%	0.17%
Expected term (in years)	4	5
Expected volatility	53%	57%
Dividend yield	—	—
Fair value of common stock	$3.65	$22.49