Stock Warrants and Earnouts (Tables)

9 Months Ended

Oct. 31, 2021

Equity [Abstract]

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

The Private Placement Warrants were valued using the following assumptions under the BLM that assumes optimal exercise of the Company’s redemption option at the earliest possible date:

	October 31, 2021		February 26, 2021
Market price of public stock	$24.78		$30.83
Exercise price	$11.50		$11.50
Expected term (years)	4.3		5.0
Volatility	70.5	%	73.5	%
Risk-free interest rate	1.0	%	0.8	%
Dividend rate	0.0	%	0.0	%

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

Schedule of Common Stock Warrants

Activity of warrants is set forth below:

	Legacy 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	(3,176,428)	(4,349,342)	(10,226,081)	(17,751,851)
Warrants Redeemed	—	—	(244,481)	(244,481)
Outstanding as of October 31, 2021	35,584,603	2,172,226	—	37,756,829

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(1) The shares (and the warrants' exercise prices) subject to the Company's Legacy Warrants were restated to reflect the Exchange Ratio of approximately 0.9966 established in the Merger Agreement as discussed in Note 3.