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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Summary of Assets and Liabilities Measurements on a Recurring Basis
As of June 30, 2022 and December 31, 2021, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows (in thousands):
June 30, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents$120 $98,184 $— $98,304 $27,389 $— $— $27,389 
Investments:
Commercial paper, available for sale— 121,368 — 121,368 — 76,930 — 76,930 
Corporate Bonds, available for sale— 99,215 — 99,215 — 84,588 — 84,588 
Municipal bonds, available for sale— 10,748 — 10,748 — 5,847 — 5,847 
Total investments— 231,331 — 231,331 — 167,365 — 167,365 
Total assets$120 $329,515 $— $329,635 $27,389 $167,365 $— $194,754 
Liabilities
Warrant liability:
RTI warrants$— $— $3,379 $3,379 $— $— $5,175 $5,175 
Private warrants— — 681 681 — — 938 938 
Series A warrants— 47,321 — 47,321 — — — — 
Total warrant liability$— $47,321 $4,060 $51,381 $— $— $6,113 $6,113 
Private warrants  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value Measurement Inputs
The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. The private warrants are classified as Level 3 and were valued using the following assumptions:
June 30, 2022December 31, 2021
Expected annual dividend yield— %— %
Expected volatility76.1 %69.5 %
Risk-free rate of return2.97 %1.14 %
Expected option term (years)3.724.22
Level 3 Liabilities Measured at Fair Value
A summary of the private warrants activity from December 31, 2021 to June 30, 2022 is as follows:
Fair value
(Level 3)
Balance at December 31, 2021$938 
Change in fair value(257)
Balance at June 30, 2022$681 
RTI warrants  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value Measurement Inputs
The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions:
June 30, 2022December 31, 2021
Expected annual dividend yield— %— %
Expected volatility58.4 %59.6 %
Risk-free rate of return2.39 %0.97 %
Expected option term (years)2.53.0
Level 3 Liabilities Measured at Fair Value
Changes in Level 3 liabilities measured at fair value for six months ended June 30, 2022 are as follows (in thousands):
Fair value
(Level 3)
Balance at December 31, 2021$5,175 
Change in fair value(1,796)
Balance at June 30, 2022$3,379