Fair Value Measurement (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis:
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December 31, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Long-term liabilities |
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Public warrants |
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$ |
5,060 |
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$ |
— |
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$ |
— |
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$ |
5,060 |
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Private Placement warrants |
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— |
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6,422 |
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|
|
— |
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|
6,422 |
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Contingent Earnout liability |
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|
— |
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|
— |
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11,369 |
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11,369 |
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$ |
5,060 |
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$ |
6,422 |
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$ |
11,369 |
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$ |
22,851 |
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December 31, 2020 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Long-term liabilities |
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EIB warrant liability |
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$ |
— |
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|
$ |
— |
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$ |
4,007 |
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$ |
4,007 |
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| Summary of Change in Fair Value of The Warrant Liabilities |
The following table provides a roll-forward of the aggregate fair values of the Level 3 financial instruments:
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Contingent
Earnout
Liability |
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Contingent
Interest
Embedded
Derivative |
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Warrant
Liability |
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Fair value at December 31, 2019 |
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$ |
— |
|
|
$ |
— |
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$ |
197 |
|
Issuance of warrants to EIB |
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|
— |
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— |
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|
3,612 |
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Change in fair value |
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— |
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— |
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198 |
|
Fair value at December 31, 2020 |
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— |
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|
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— |
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4,007 |
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Issuance of warrants to Silicon Valley Bank |
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— |
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— |
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|
308 |
|
Conversion of Silicon Valley Bank warrants to common stock |
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— |
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— |
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(308 |
) |
Exercise of Series C preferred warrants |
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— |
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— |
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(891 |
) |
Contingent interest embedded derivative recognized relating to the FP Term Loan agreement |
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— |
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8,922 |
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— |
|
Contingent interest embedded derivative derecognized upon the execution of the FP amendment |
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— |
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(8,922 |
) |
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— |
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Contingent earnout liability recognized upon the closing of the reverse recapitalization |
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78,395 |
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— |
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— |
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Change in fair value included in other income (expense), net |
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(67,026 |
) |
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— |
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19,466 |
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Transferred to Level 2 upon the closing of the reverse recapitalization |
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— |
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— |
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(22,582 |
) |
Fair value at December 31, 2021 |
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$ |
11,369 |
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$ |
— |
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|
$ |
— |
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| Summary of Warrants Classified as Equity That Are Measured at Fair Value on Nonrecurring Basis |
The following tables present the Company’s fair value hierarchy for its warrants classified as equity that are measured at fair value on a nonrecurring basis:
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December 31, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Equity: |
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Warrants |
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$ |
— |
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$ |
— |
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$ |
970 |
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$ |
970 |
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December 31, 2020 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Equity: |
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Warrants |
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$ |
— |
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$ |
— |
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$ |
970 |
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$ |
970 |
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| Private Warrants [Member] |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Schedule of Quantitative Information Regarding Warrant Liability |
The table below quantifies the significant inputs used for the Private Warrants:
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December 31, |
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August 16, |
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2021 |
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2021 |
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Fair value of the Company’s common stock |
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$ |
3.38 |
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$ |
9.93 |
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Exercise price |
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$ |
11.50 |
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$ |
11.50 |
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Risk-free interest rate |
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|
1.26 |
% |
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|
0.75 |
% |
Expected volatility factor |
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|
70.0 |
% |
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|
22.0 |
% |
Expected dividend yield |
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|
— |
% |
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|
— |
% |
Remaining contractual term (in years) |
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|
4.6 |
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|
5.0 |
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| E I B Warrants [Member] |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
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| Schedule of Quantitative Information Regarding Warrant Liability |
In November 2021, EIB warrants were settled for a cash amount of $19,942. As of December 31, 2021 no EIB warrants remained outstanding. The table below quantifies the inputs used for the EIB warrants:
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December 31, |
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2021 |
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|
2020 |
|
Fair value of the Company’s common stock |
|
$ |
— |
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$ |
4.19 |
|
Risk-free interest rate |
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|
— |
% |
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|
0.13 |
% |
Expected volatility factor |
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— |
% |
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|
68.4 |
% |
Remaining contractual term (in years) |
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|
— |
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4.7 |
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| Contingent Earnout Liability [Member] |
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| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
| Schedule of Quantitative Information Regarding Warrant Liability |
The table below quantifies the significant inputs used for the Contingent Earnout Liability:
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December 31, |
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August 16, |
|
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|
2021 |
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|
2021 |
|
Fair value of the Company’s common stock |
|
$ |
3.38 |
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$ |
9.93 |
|
Risk-free interest rate |
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|
1.26 |
% |
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|
0.75 |
% |
Expected volatility factor |
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|
70.0 |
% |
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|
70.0 |
% |
Expected dividend yield |
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|
— |
% |
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|
— |
% |
Remaining contractual term (in years) |
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|
0.004 |
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0.004 |
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