FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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

The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash	$	238,623	$	—	$	—	$	238,623	$	238,623	$	—	$	—
Level 1:
Money market funds	933,177		—		—		933,177		933,177		—		—
U.S. Treasury securities	1,863,413		16		(10,195)		1,853,234		—		1,490,735		362,499
Subtotal	2,796,590		16		(10,195)		2,786,411		933,177		1,490,735		362,499
Level 2:
Certificates of deposit	234,614		60		(248)		234,426		7,999		226,427		—
Commercial paper	315,209		22		(254)		314,977		79,025		235,952		—
Corporate debt securities	284,146		15		(2,682)		281,479		5,312		124,931		151,236
Subtotal	833,969		97		(3,184)		830,882		92,336		587,310		151,236
Total assets measured at fair value	$	3,869,182	$	113	$	(13,379)	$	3,855,916	$	1,264,136	$	2,078,045	$	513,735


	December 31, 2021
	Reported As:
	Cash and cash equivalents
Cash	$	160,888
Level 1:
Money market funds	6,102,017
Total assets measured at fair value	$	6,262,905

Summary of Available-for-sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale securities by contractual maturity:


	September 30, 2022
	Amortized cost		Estimated Fair Value
Within one year	$	2,082,767	$	2,078,045
After one year through three years	522,262		513,735
Total	$	2,605,029	$	2,591,780

Schedule of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation of the contingent forward contract liability, convertible preferred stock warrant liability and common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands):


	Three Months Ended September 30,
	2022		2021
	Common Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	536,635	$	—
Issuance	—		812,048
Change in fair value	(140,146)		24,787
Fair value-end of period	$	396,489	$	836,835


	Nine Months Ended September 30,
	2022		2021
	Common Stock Warrant Liability		Contingent Forward Contract Liability (1)		Convertible Preferred Stock Warrant Liability (1)		Common Stock Warrant Liability
Fair value-beginning of period	$	1,394,808	$	—	$	2,960	$	—
Issuance	—		2,167,332		—		812,048
Change in fair value	(998,319)		454,546		6,976		24,787
Settlement	—		(2,621,878)		(9,936)		—
Fair value-end of period	$	396,489	$	—	$	—	$	836,835

(1) Convertible preferred stock warrant liability and contingent forward contract liability were fully settled during the six months ended June 30, 2021.