Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Money market funds	$	16,016	$	—	$	—	$	16,016
Cash equivalents	$	16,016	$	—	$	—	$	16,016
Term deposits	$	—	$	40,925	$	—	$	40,925
Asset backed securities	—		54,250		—		54,250
Government debt securities	—		444,229		—		444,229
Corporate debt securities	—		388,576		—		388,576
Available-for-sale investments	—		927,980		—		927,980
Total fair value of assets	$	16,016	$	927,980	$	—	$	943,996

Liabilities measured at fair value
Common stock warrant liabilities (Public)	$	11,213	$	—	$	—	$	11,213
Common stock warrant liabilities (Private Placement)	—		7,497		—		7,497
Common stock warrant liabilities (Delta)	—		—		19,104		19,104
Warrant liabilities	11,213		7,497		19,104		37,814
Earnout Shares Liability	—		—		57,094		57,094
Total fair value of liabilities	$	11,213	$	7,497	$	76,198	$	94,908


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Money market funds	$	108,119	$	—	$	—	$	108,119
Cash equivalents	$	108,119	$	—	$	—	$	108,119
Term deposits	$	—	$	40,709	$	—	$	40,709
Asset backed securities	—		54,707		—		54,707
Government debt securities	—		362,851		—		362,851
Corporate debt securities	—		452,425		—		452,425
Available-for-sale investments	—		910,692		—		910,692
Total fair value of assets	$	108,119	$	910,692	$	—	$	1,018,811

Liabilities measured at fair value
Common stock warrant liabilities (Public)	$	8,318	$	—	$	—	$	8,318
Common stock warrant liabilities (Private Placement)	—		5,561		—		5,561
Common stock warrant liabilities (Delta)	—		—		14,903		14,903
Warrant liabilities	8,318		5,561		14,903		28,783
Earnout Shares Liability	—		—		44,055		44,055
Total fair value of liabilities	$	8,318	$	5,561	$	58,958	$	72,838

Summary of Debt Securities, Available-for-sale

The following is a summary of the Company’s available-for-sale securities (in thousands):


	March 31, 2023
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for credit losses		Fair value
Assets measured at fair value
Term deposits	$	40,925	$	—	$	—	$	—	$	40,925
Asset backed securities	54,505		—		(255)		—		54,250
Government debt securities	446,660		196		(2,627)		—		444,229
Corporate debt securities	390,857		19		(2,300)		—		388,576
Total	$	932,947	$	215	$	(5,182)	$	—	$	927,980


	December 31, 2022
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for credit losses		Fair value
Assets measured at fair value
Term deposits	$	40,709	$	—	$	—	$	—	$	40,709
Asset backed securities	55,016		—		(309)		—		54,707
Government debt securities	367,324		—		(4,473)		—		362,851
Corporate debt securities	455,854		—		(3,429)		—		452,425
Total	$	918,903	$	—	$	(8,211)	$	—	$	910,692

Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):


	Earnout Shares Liability		Common Stock Warrant Liabilities Delta
Fair value as of January 1, 2023	$	44,055	$	14,903
Change in fair value	13,039		4,201
Fair value as of March 31, 2023	$	57,094	$	19,104