Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	152,984	$	—	$	—	$	152,984
Total financial assets	$	152,984	$	—	$	—	$	152,984
Liabilities
Warrant liabilities	$	—	$	—	$	5,881	$	5,881
Total financial liabilities	$	—	$	—	$	5,881	$	5,881


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	177,513	$	—	$	—	$	177,513
Total financial assets	$	177,513	$	—	$	—	$	177,513
Liabilities
Warrant liabilities	$	—	$	—	$	7,626	$	7,626
Total financial liabilities	$	—	$	—	$	7,626	$	7,626

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		Private Placement Warrant Liability
Fair value as of December 31, 2021	$	—	$	(7,626)
Change in the fair value included in other income (expense), net	—		1,745
Fair value as of March 31, 2022	$	—	$	(5,881)

	Redeemable Convertible Preferred Stock Warrant Liability		Private Placement Warrant Liability
Fair value as of December 31, 2020	(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)		4,652
Issuance of preferred stock upon exercise of warrants	58,097		—
Fair value as of March 31, 2021	$	—	$	(14,725)