Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):

	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market fund⁽¹⁾	$	755,825	$	—	$	—	$	755,825
Marketable securities⁽²⁾		—		771,101		—		771,101
Total fair value	$	755,825	$	771,101	$	—	$	1,526,926
Liabilities included in:
Assumed common stock warrants (Public)	$	66,860	$	—	$	—	$	66,860
Assumed common stock warrants (Private Placement)		—		221,179		—		221,179
Total fair value	$	66,860	$	221,179	$	—	$	288,039


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market fund⁽¹⁾	$	12,235	$	—	$	—	$	12,235
Marketable securities⁽²⁾		—		977,326		—		977,326
Total fair value	$	12,235	$	977,326	$	—	$	989,561
Liabilities included in:
Assumed common stock warrants (Public)	$	436,999	$	—	$	—	$	436,999
Assumed common stock warrants (Private Placement)		—		252,700		—		252,700
Total fair value	$	436,999	$	252,700	$	—	$	689,699

(1)	Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheet.

(2)

As of December 31, 2020, marketable securities with original maturities of three months or less of $105.2 million, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheet. As of March 31, 2021, there were no marketable securities with original maturities of three months or less included in cash and cash equivalents on the Condensed Consolidated Balance Sheet.

Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis

The fair value as of March 31, 2021 and December 31, 2020, are as follows (amounts in thousands):

	March 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Level 1 securities
Money market fund	$	755,825	$	—	$	—		$	755,825
Level 2 securities
US government securities		770,958		143		—			771,101
Total	$	1,526,783	$	143	$	—		$	1,526,926

	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Level 1 securities
Money market fund	$	12,235	$	—	$	—		$	12,235
Level 2 securities
US government securities		977,357		24		(55	)		977,326
Total	$	989,592	$	24	$	(55	)	$	989,561

Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity

The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2021 and December 31, 2020, are as follows (amounts in thousands):

	March 31, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	1,526,783	$	1,526,926	$	895,867	$	895,830
Due after one year and through five years		—		—		93,725		93,731
Total	$	1,526,783	$	1,526,926	$	989,592	$	989,561