Quarterly report pursuant to Section 13 or 15(d)

Stock Warrants (Tables)

v3.21.2
Stock Warrants (Tables)
 9 Months Ended
Sep. 30, 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 and liabilities that are measured at fair value as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation:

 

 

 

Fair Value Measurements

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

297,080

 

 

$

—

 

 

$

—

 

 

$

297,080

 

Contingent earnout liability

 

 

—

 

 

 

—

 

 

 

80,419

 

 

 

80,419

 

Private placement warrant liability

 

 

—

 

 

 

—

 

 

 

4,284

 

 

 

4,284

 

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

 

 

September 30, 2020

 

Expected (remaining) option term (in years)

 

3.69

 

 

4.39

 

Expected volatility%

 

 

65.0

%

 

 

55.0

%

Risk-free interest rate%

 

 

0.45

%

 

 

0.28

%

Expected dividend yield%

 

 

0

%

 

 

0

%

Fair value of common stock (per share)

 

$

9.51

 

 

$

2.07

 
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:

 

 

 

September 30,
2021

 

 

July 14,
2021

 

Market price of public stock

 

$

6.56

 

 

$

8.97

 

Exercise price

 

$

11.50

 

 

$

11.50

 

Expected term (years)

 

4.79

 

 

5.01

 

Volatility

 

 

66.0

%

 

 

39.1

%

Risk-free interest rate

 

 

0.93

%

 

 

0.85

%

Dividend rate

 

 

0.0

%

 

 

0.0

%