Annual report pursuant to Section 13 and 15(d)

Stock Warrants (Tables)

v3.22.1
Stock Warrants (Tables)
 12 Months Ended
Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]  
Summary of Fair Value Hierarchy of The Valuation

The following table presents information about the Company’s assets that are measured at fair value as of December 31, 2021 and 2020, and indicates the fair value hierarchy of the valuation:

 

 

 

Fair Value Measurements

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash
   equivalents

 

$

286,890

 

 

$

—

 

 

$

—

 

 

$

286,890

 

Contingent earnout liability

 

 

—

 

 

 

—

 

 

 

59,722

 

 

 

59,722

 

Private placement warrant liability

 

 

—

 

 

 

—

 

 

 

2,646

 

 

 

2,646

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash
   equivalents

 

$

56,907

 

 

$

—

 

 

$

—

 

 

$

56,907

 

SVB warrant liability

 

 

—

 

 

 

—

 

 

 

545

 

 

 

545

 
Common Stock Warrants [Member]  
Subsidiary Sale Of Stock [Line Items]  
Summary of Black- Scholes model using the following inputs The inputs below correspond to June 10, 2021, the date of exercise:

 

 

 

June 10,
2021

 

 

December 31,
2020

 

Expected (remaining) option term (in years)

 

3.69

 

 

4.13

 

Expected volatility%

 

 

65.0

%

 

 

55.4

%

Risk-free interest rate%

 

 

0.45

%

 

 

0.36

%

Expected dividend yield%

 

 

—

%

 

 

—

%

Fair value of common stock (per share)

 

$

9.51

 

 

$

2.93

 
Private Placement [Member]  
Subsidiary Sale Of Stock [Line Items]  
Summary of Fair Value Hierarchy of The Valuation

The Private Placement Warrants were valued using the following assumptions under the Binomial Lattice Model

 

 

 

December 31,
2021

 

 

July 14,
2021

 

Market price of public stock

 

$

5.37

 

 

$

8.56

 

Exercise price

 

$

11.50

 

 

$

11.50

 

Expected term (years)

 

4.53

 

 

 

5.01

 

Volatility

 

 

56.0

%

 

 

39.1

%

Risk-free interest rate

 

 

1.19

%

 

 

0.85

%

Dividend rate

 

 

0.0

%

 

 

0.0

%