Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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

The following table provides information by level for the Company’s assets and liabilities that were measured at fair value on a recurring basis (in thousands):


	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	219,276	$	—	$	—	$	219,276
Total financial assets	$	219,276	$	—	$	—	$	219,276
Liabilities
Warrant liabilities	$	—	$	—	$	10,979	$	10,979
Total financial liabilities	$	—	$	—	$	10,979	$	10,979


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	10,493	$	—	$	—	$	10,493
Total financial assets	$	10,493	$	—	$	—	$	10,493
Liabilities
Warrant liabilities	$	—	$	—	$	49,293	$	49,293
Total financial liabilities	$	—	$	—	$	49,293	$	49,293

Schedule of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Redeemable Convertible Preferred Stock Warrant Liability		Redeemable Convertible Preferred Stock Tranche Liability		Private Placement Warrant Liability		Derivative Liability
Fair value as of January 1, 2020	$	(162)	$	—	$	—	$	—
Change in the fair value included in other income (expense), net	(6,097)		—		—		(5,308)
Recognition of preferred stock warrant and tranche liability upon issuance	(691)		(1,610)		—		—
Extinguishment of derivative liability upon conversion of convertible notes	—		—		—		5,308
Fair value as of Settlement of redeemable convertible preferred stock tranche liability due to the issuance of Series B redeemable convertible preferred stock	—		1,610		—		—
Fair value as of September 30, 2020	$	(6,950)	$	—	$	—	$	—

Fair value as of January 1, 2021	$	(49,293)	$	—	$	—	$	—
Private placement warrant liability acquired as part of the Merger	—		—		(19,377)		—
Change in the fair value included in other income (expense), net	(8,804)		—		8,398		—
Issuance of preferred stock upon exercise of warrants	58,097		—		—		—
Fair value as of September 30, 2021	$	—	$	—	$	(10,979)	$	—