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Fair Value Measurements and Financial Instruments
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables provide the fair value measurement hierarchy of our assets and liabilities:
As of December 31, 2022Fair value measurement using
Financial instrumentsQuoted prices
in active
markets
(Level 1)
Significant
observable
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
$8.63 Warrants liability$1,833 $— $— 
PIPE Warrant liability— — 311 
Liberty Warrants and Liberty Advisory Fee Warrant liability— — 6,191 
Total Warrant Liabilities$1,833 $— $6,502 
Sponsor Earnout liability$— $— $1,353 
As of December 31, 2021Fair value measurement using
Financial instrumentsQuoted prices
in active
markets
(Level 1)
Significant
observable
inputs (Level 2)
Significant
unobservable
inputs (Level 3)
Liabilities measured at fair value
Cantor Loan$— $— $7,522 
Columbia Warrant liability— — 143,237 
Liabilities for which fair values are disclosed
Notes $— $180,356 $— 
Promissory notes— 40,925 — 
The following methods and assumptions were used to estimate the fair values:
The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other liabilities are considered to approximate their fair values due to the short-term nature of these items.
The fair values of the PIPE Warrant, the Liberty Warrants and Liberty Advisory Fee Warrant, and the Columbia Warrant have been estimated using the Black-Scholes model.
The fair value of the Sponsor Earnout has been estimated using the Monte Carlo model.

The fair values of the $8.63 Warrants were determined using the quoted prices in the active warrant market.
The carrying value of operating lease liabilities is calculated as the present value of lease payments, discounted at its incremental borrowing rate at the lease commencement date. We consider that the incremental borrowing rate remained unchanged, therefore the carrying amount of operating lease liabilities approximates its fair value.
The fair value of the Cantor Loan was determined by using the “with” method. At each measurement date, we valued the Cantor Loan with the make-whole premium. The difference between the aggregate fair value of the Cantor Loan and the unpaid principal balance was $22 thousand at December 31, 2021.

The fair value of the Notes debt is determined by using the “with” and “without” method. As of each measurement date, we first valued the Notes with the conversion options in certain scenarios (the “with” scenario) and subsequently valued the Notes without the conversion options (the “without” scenario). The difference between the fair values of the Notes in the “with” and “without” was de minimis at each measurement date.
Changes in the fair value of Level 3 liabilities during the years ended December 31, 2022 and 2021 were as follows:
Liberty Warrants and Liberty Advisory Fee WarrantPIPE WarrantColumbia WarrantSponsor EarnoutForfeiture EarnoutCantor Loan
At January 1, 2021$— $— $— $— $— $— 
Issues— — 161,432 — — 7,513 
Remeasurement (gain)/loss(1)
— — (17,992)— — 
Amortization of deferred costs— — (203)— — — 
At December 31, 2021  143,237   7,522 
Issues30,853 1,312 — 8,022 6,135 — 
Remeasurement (gain)/loss(1)
(24,662)(1,001)(18,635)(6,669)(5,130)488 
Write-off of deferred costs— — 203 — — — 
Settlements (2)
— — (124,805)— (1,005)(8,010)
At December 31, 2022$6,191 $311 $ $1,353 $ $ 
(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2022 and 2021, respectively.
(2)These liabilities were settled in connection with the Merger. See Note 4 (Recapitalization Transaction).

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2022 or 2021.