Post-effective amendment to a registration statement that is not immediately effective upon filing

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