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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 (in thousands):
As of September 30, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Money market funds$148,979 $— $— $148,979 
Payment-dependent notes receivable, current2 — — 2 
Payment-dependent notes receivable, non-current— — 6,508 6,508 
Total financial assets$148,981 $— $6,508 $155,489 
Payment-dependent notes payable, current$2 $— $— $2 
Payment-dependent notes payable, non-current— — 6,508 6,508 
Legacy Forge warrant liabilities— — 410 410 
Private Placement Warrants— — 222 222 
Total financial liabilities$2 $— $7,140 $7,142 

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, non-current— — 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, non-current— — 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 September 30, 2022 and December 31, 2021, respectively, using the following key assumptions:    

September 30,
2022		December 31,
2021
Fair value of underlying securities$1.75$30.8
Discounts for lack of marketability0.0%0.0%
Expected term (years)
4.0
3.4 – 8.8
Expected volatility
44.6%
40.4% – 44.3%
Risk-free interest rate
4.2%
1.0% – 1.5%
Expected dividend yield0.0%0.0%
Fair value per warrant $0.16
$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 nine months ended September 30, 2022 and 2021 (in thousands):
Total Level 3 Financial Assets
Balance as of December 31, 2021$13,453 
Change in fair value of payment-dependent notes receivable(6,945)
Balance as of September 30, 2022$6,508 

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(5,472)
Change in fair value of payment-dependent notes receivable26,758 
Settlement of payment-dependent notes receivable(62,637)
Balance as of September 30, 2021$10,847 
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 nine months ended September 30, 2022 and 2021 (in thousands):
Total Level 3 Financial Liabilities
Balance as of December 31, 2021$21,297 
Change in fair value of payment-dependent notes payable(6,945)
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)
Exercise of Junior Preferred Stock Warrants(653)
Change in fair value of Junior Preferred Stock Warrants(3,937)
Transfer of Private Placement Warrants out of Level 2 to Level 320,461 
Change in fair value of Private Placement Warrants (20,239)
Balance as of September 30, 2022$7,140 
    
Total Level 3 Financial Liabilities
Balance as of December 31, 2020$53,639 
Change in fair value of payment-dependent notes payable26,758 
Settlement of payment-dependent notes payable(62,637)
Change in fair value of Legacy Forge warrant liabilities5,575 
Payment-dependent notes payable transferred out of Level 3 to Level 1(5,133)
Balance as of September 30, 2021$18,202