Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.22.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis The following table summarizes the Company’s assets and liabilities that are measured at fair value
on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Fair Value Level 1 Level 2 Level 3
Assets
Money Market Funds $ 118,624 $ 118,624 $ $
Liability
Contingent earnout shares liability $ 13,592 $ $ $ 13,592
    
December 31, 2021
Fair Value Level 1 Level 2 Level 3
Assets
Money Market Funds $ 227,492  $ 227,492  $ —  $ — 
Liability
Contingent earnout shares liability $ 29,057  $ —  $ —  $ 29,057 
Summary of the change in fair value of contingent earnout shares liability
Following is a summary of the change in fair value of contingent earnout shares liability for the three months ended March 31, 2022 (in thousands).
Earnout Shares Liability
Beginning fair value at December 31, 2021
$ 29,057 
Change in fair value during the period (15,465)
Ending fair value at March 31, 2022
$ 13,592