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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
As of June 30, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$173,516 $— $— $173,516 
Payment-dependent notes receivable, current14 — — 14 
Payment-dependent notes receivable, noncurrent— — 16,287 16,287 
Total financial assets$173,530 $— $16,287 $189,817 
Payment-dependent notes payable, current14 — — 14 
Payment-dependent notes payable, noncurrent— — 16,287 16,287 
Legacy Forge warrant liabilities— — 5,000 5,000 
Public Warrants1,199 — — 1,199 
Private Placement Warrants— — 20,461 20,461 
Total financial liabilities$1,213 $— $41,748 $42,961 

As of December 31, 2021
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$24,240 $— $— $24,240 
Payment-dependent notes receivable, current1,153 — — 1,153 
Payment-dependent notes receivable, noncurrent— — 13,453 13,453 
Total financial assets$25,393 $— $13,453 $38,846 
Payment-dependent notes payable, current$1,153 $— $— $1,153 
Payment-dependent notes payable, noncurrent— — 13,453 13,453 
Legacy Forge warrant liabilities— — 7,844 7,844 
Total financial liabilities$1,153 $— $21,297 $22,450 
Fair Value Measurement Inputs and Valuation Techniques
The Company estimated the fair value of the Legacy Forge warrant liabilities, as of June 30, 2022 and December 31, 2021, respectively, using the following key assumptions:

June 30,
2022		December 31,
2021
Fair value of underlying securities$10.4$30.8
Discounts for lack of marketability0.0%0.0%
Expected term (years)
3.4
3.4 – 8.8
Expected volatility
45.4%
40.4% – 44.3%
Risk-free interest rate
3.0%
1.0% – 1.5%
Expected dividend yield0.0%0.0%
Fair value per warrant $7.0
$5.0 - $22.0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide reconciliation for all financial assets measured at fair value using significant unobservable inputs (Level 3) for six months ended June 30, 2022 and 2021:
Total Level 3 Financial Assets
Balance as of December 31, 2021$13,453 
Change in fair value of payment-dependent notes receivable2,834 
Balance as of June 30, 2022$16,287 

Total Level 3 Financial Assets
Balance as of December 31, 2020$51,859 
Acquisition of short-term investments362 
Change in fair value of short-term investments(23)
Short-term investments transferred out of Level 3 to Level 1(339)
Change in fair value of payment-dependent notes receivable26,742 
Settlement of payment-dependent notes receivable(62,637)
Balance as of June 30, 2021$15,964 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following tables provide reconciliation for all financial liabilities measured at fair value using significant unobservable inputs (Level 3) for six months ended June 30, 2022 and 2021:
Total Level 3 Financial Liabilities
Balance as of December 31, 2021$21,297 
Change in fair value of payment-dependent notes payable2,834 
Change in fair value of Series B-1 Preferred Stock Warrant liability106 
Settlement of Series B-1 Preferred Stock Warrant liability via conversion to equity-classified common stock warrants(2,950)
Transfer of Private Placement Warrants out of Level 2 to Level 320,461 
Balance as of June 30, 2022$41,748 
Total Level 3 Financial Liabilities
Balance as of December 31, 2020$53,639 
Change in fair value of payment-dependent notes payable26,742 
Settlement of payment-dependent notes payable(62,637)
Change in fair value of Series B-1 Preferred Stock Warrant liability839 
Change in fair value of Junior Preferred Stock Warrant Liability5,486 
Balance as of June 30, 2021$24,069