Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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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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June 30, 2022 |
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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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Assets: |
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Cash and cash equivalent: |
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Money market funds |
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$ |
5,084 |
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$ |
— |
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$ |
— |
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$ |
5,084 |
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Commercial paper |
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— |
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1,300 |
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— |
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1,300 |
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U.S. government and agency securities |
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— |
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2,997 |
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— |
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2,997 |
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$ |
5,084 |
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$ |
4,297 |
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$ |
— |
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$ |
9,381 |
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Marketable securities: |
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Commercial paper |
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$ |
— |
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$ |
3,845 |
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$ |
— |
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$ |
3,845 |
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Corporate securities |
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— |
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9,045 |
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— |
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9,045 |
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U.S. government and agency securities |
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— |
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7,666 |
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— |
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7,666 |
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$ |
— |
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$ |
20,556 |
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$ |
— |
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$ |
20,556 |
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Long-term liabilities: |
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Public warrants |
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$ |
1,610 |
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$ |
— |
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$ |
— |
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$ |
1,610 |
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Private placement warrants |
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— |
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740 |
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— |
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740 |
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Blue Torch and GPO warrants |
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— |
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2,978 |
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— |
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2,978 |
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Contingent Earnout liability |
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— |
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— |
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10,672 |
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10,672 |
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$ |
1,610 |
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$ |
3,718 |
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$ |
10,672 |
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$ |
16,000 |
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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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| Summary of Change in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:
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Contingent Earnout Liability |
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Warrant
Liability |
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Fair value as of December 31, 2020 |
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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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308 |
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Exercise of warrants |
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— |
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(891 |
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Change in fair value of warrant liabilities |
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— |
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10,176 |
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Fair value as of June 30, 2021 |
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$ |
— |
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$ |
13,600 |
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Fair value as of December 31, 2021 |
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$ |
11,369 |
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$ |
— |
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Change in fair value of contingent earnout liability |
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(697 |
) |
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— |
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Fair value as of June 30, 2022 |
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$ |
10,672 |
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$ |
— |
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| Schedule of Cash and Cash Equivalents and Investments |
The following table summarizes the Company's cash, cash equivalent and available-for-sale securities by significant marketable securities category:
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June 30, 2022 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and cash equivalents: |
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Cash |
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$ |
63,150 |
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— |
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— |
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$ |
63,150 |
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Cash equivalents: |
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Money market funds |
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5,084 |
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— |
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— |
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5,084 |
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Commercial paper |
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1,300 |
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— |
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— |
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1,300 |
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U.S. government and agency securities |
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2,998 |
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— |
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(1 |
) |
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2,997 |
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$ |
72,532 |
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$ |
— |
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$ |
(1 |
) |
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$ |
72,531 |
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Marketable Securities: |
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Commercial paper |
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$ |
3,873 |
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$ |
— |
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$ |
(28 |
) |
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$ |
3,845 |
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Corporate securities |
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9,080 |
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— |
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(35 |
) |
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9,045 |
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U.S. government and agency securities |
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7,685 |
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— |
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(19 |
) |
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7,666 |
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$ |
20,638 |
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$ |
— |
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$ |
(82 |
) |
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$ |
20,556 |
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| Amortized cost and estimated fair value of marketable securities |
The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:
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June 30, 2022 |
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Amortized Cost |
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Fair Value |
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Due in one year or less |
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$ |
20,638 |
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$ |
20,556 |
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| Private Warrants |
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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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June 30, |
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December 31, |
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2022 |
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|
2021 |
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Fair value of the Company’s common stock |
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$ |
1.16 |
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$ |
3.38 |
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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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2.98 |
% |
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1.26 |
% |
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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|
4.1 |
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4.6 |
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| Contingent Earnout Liability |
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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 Contingent Earnout Liability:
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June 30, |
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December 31, |
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2022 |
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2021 |
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Fair value of the Company’s common stock |
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$ |
1.16 |
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$ |
3.38 |
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Risk-free interest rate |
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2.98 |
% |
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1.26 |
% |
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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