Stock Warrants and Earnouts (Tables)

3 Months Ended

Apr. 30, 2021

Stock Warrants And Earnouts [Abstract]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The Level 3 fair value inputs used in the recurring valuation of the redeemable convertible preferred stock warrant liability were as follows:

	February 26, 2021 (Merger Date)			January 31, 2021
Expected volatility		84.3	%		80.5	%
Risk-free interest rate		0.0	%		0.1	%
Dividend rate		0.0	%		0.0	%
Expected term (years)		0.0			1.4

Summary of Fair Value Private Placement Warrants Basis Valuation Techniques

The Private Placement Warrants were valued using the following assumptions under the Binomial-Lattice Model (“BLM”) that assumes optimal exercise of the Company’s redemption option at the earliest possible date:

	April 30, 2021			February 26, 2021
Market price of public stock		25.3			30.8
Exercise price		11.5			11.5
Expected term (years)		4.8			5.0
Volatility		73.2	%		73.5	%
Risk-free interest rate		0.8	%		0.8	%
Dividend rate		0.0	%		0.0	%

Summary of Assumed Public Warrants

Activity of warrants is set forth below:

	Legacy Common and Preferred Stock Warrants (1)			Private Placement Warrants			Public Warrants			Total Common Stock Warrants (1)
Outstanding as of January 31, 2021		38,761,031			—			—			38,761,031
Common Stock Warrants as Part of the Merger		—			6,521,568			10,470,562			16,992,130
Warrants Exercised		(1,097,305	)		(4,347,712	)		(6,413,057	)		(11,858,074	)
Outstanding as of April 30, 2021		37,663,726			2,173,856			4,057,505			43,895,087

(1) The shares (and the warrants’ exercise prices) subject to the Company’s Legacy common and preferred stock warrants were restated to reflect the exchange ratio of approximately 0.9966 established in the Merger Agreement as discussed in Note 3.

Summary of Fair Value Earnout Liability Basis Valuation Techniques

Assumptions used in the valuation are described below.

	March 12, 2021			February 26, 2021
Current stock price		27.84			30.83
Expected volatility		72.00	%		71.60	%
Risk-free interest rate		0.85	%		0.75	%
Dividend rate		0.00	%		0.00	%
Expected term (years)		4.96			5.00