Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | Nuvation Bio Inc. | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001811063 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39351 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-0862255 | |
Entity Address, Address Line One | 1500 Broadway | |
Entity Address, Address Line Two | Suite 1401 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
Local Phone Number | 208-6102 | |
City Area Code | 332 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 218,139,125 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | NUVB | |
Security Exchange Name | NYSE | |
Redeemable Warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable Warrants, each whole warrantexercisable for one share of Common Stock at anexercise price of $11.50 per share | |
Trading Symbol | NUVB.WS | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 106,207 | $ 132,423 | ||
Prepaid expenses and other current assets | 7,841 | 3,642 | ||
Marketable securities | 631,496 | 632,969 | ||
Interest receivable on marketable securities | 2,493 | 3,039 | ||
Deferred financing costs | 772,073 | |||
Total current assets | 748,037 | 786 | ||
Property and equipment, net | 747 | |||
Lease security deposit | 421 | 421 | ||
Operating lease right-of-use assets | 2,600 | 2,871 | ||
Total assets | 751,805 | 776,151 | ||
Current liabilities: | ||||
Accounts payable | 9,673 | 3,925 | ||
Current operating lease liabilities | 697 | 863 | ||
Due to broker | 3,950 | 0 | ||
Accrued expenses | 7,121 | 12,137 | ||
Total current liabilities | 21,441 | 16,925 | ||
Warrant liability | 4,713 | 11,037 | ||
Non-current operating lease liabilities | 2,088 | 2,192 | ||
Total liabilities | 28,242 | 30,154 | ||
Commitments and contingencies (Note 9) | ||||
Stockholders' equity | ||||
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000, Class B 60,000,000) shares authorized as of March 31, 2022 and December 31, 2021, 218,129,125 (Class 217,129,125 Class B 1,000,000) and 217,948,568 (Class A 126,948,568, Class B 1,000,000) shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 913,876 | 909,985 | ||
Accumulated Deficit | 184,096 | 162,803 | ||
Accumulated other comprehensive income | (6,217) | (1,185) | 981 | 1,557 |
Total stockholders' equity | 723,563 | 745,997 | $ 806,344 | $ 215,084 |
Total liabilities and stockholders' equity | $ 751,805 | $ 776,151 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock and additional paid in capital, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock and additional paid in capital, shares authorized | 1,060,000,000 | 1,060,000,000 |
Common stock and additional paid in capital, shares issued | 218,129,125 | 217,948,568 |
Common stock and additional paid in capital, shares outstanding | 218,129,125 | 217,948,568 |
Class A Common Stock [Member] | ||
Common stock and additional paid in capital, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock and additional paid in capital, shares issued | 217,129,125 | 216,948,568 |
Common stock and additional paid in capital, shares outstanding | 217,129,125 | 216,948,568 |
Class B Common Stock [Member] | ||
Common stock and additional paid in capital, shares authorized | 60,000,000 | 60,000,000 |
Common stock and additional paid in capital, shares issued | 1,000,000 | 1,000,000 |
Common stock and additional paid in capital, shares outstanding | 1,000,000 | 1,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 20,729 | $ 15,879 |
General and administrative | 7,463 | 4,605 |
Total operating expenses | 28,192 | 20,484 |
Loss from operations | (28,192) | (20,484) |
Other income (expense): | ||
Interest income | 958 | 438 |
Investment advisory fees | (169) | (108) |
Change in fair value of warrant liability | 6,324 | (293) |
Net (loss) gain on marketable securities | (214) | 45 |
Total other income (expense), net | 6,899 | 82 |
Loss before income taxes | (21,293) | (20,402) |
Provision for income taxes | 0 | 0 |
Net loss | $ (21,293) | $ (20,402) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.10) | $ (0.12) |
Weighted average common shares outstanding, basic and diluted | 213,411 | 169,659 |
Comprehensive loss: | ||
Net loss | $ (21,293) | $ (20,402) |
Other comprehensive income, net of taxes: | ||
Unrealized loss on available-for-sale securities | (5,032) | (576) |
Comprehensive loss | $ (26,325) | $ (20,978) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Including Additional Paid In Capital [Member] | Common Stock Including Additional Paid In Capital [Member]Class A Shares [Member] | Common Stock Including Additional Paid In Capital [Member]Class B Shares [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Prior Effect Of Business Combination Transaction [Member] | Prior Effect Of Business Combination Transaction [Member]Redeemable Series A Convertible Preferred Stock [Member] | Prior Effect Of Business Combination Transaction [Member]Common Stock Including Additional Paid In Capital [Member] | Prior Effect Of Business Combination Transaction [Member]Common Stock Including Additional Paid In Capital [Member]Class A Shares [Member] | Prior Effect Of Business Combination Transaction [Member]Common Stock Including Additional Paid In Capital [Member]Class B Shares [Member] | Prior Effect Of Business Combination Transaction [Member]Accumulated Deficit [Member] | Prior Effect Of Business Combination Transaction [Member]Accumulated Other Comprehensive Income [Member] |
Balance at Dec. 31, 2020 | $ 215,084 | $ 289,482 | $ (75,955) | $ 1,557 | $ (52,437) | $ 267,521 | $ 21,961 | $ (75,955) | $ 1,557 | ||||
Balance (in Shares) at Dec. 31, 2020 | 91,397,142 | 57,645,013 | 347,423,117 | 294,094,678 | 118,869,102 | ||||||||
Retroactive Application Of Recapitalization Of Preferred Stock Due To Business Combination Transaction Shares | (347,423,117) | 68,097,805 | |||||||||||
Retroactive Application Of Recapitalization Of Preferred Stock Due To Business Combination Transaction Value | $ 267,521 | $ (267,521) | $ 267,521 | ||||||||||
Retroactive Application Of Recapitalization Of Common Stock Due To Business Combination Transaction Shares | 95,569,765 | 236,449,665 | |||||||||||
Issuance and exchange of common stock, net of issuance costs upon the Merger | 606,885 | 606,885 | |||||||||||
Issuance and exchange of common stock, net of issuance costs upon the Merger, shares | 125,252,913 | (56,645,013) | |||||||||||
Issuance of common stock | 3,787 | 3,787 | |||||||||||
Issuance of common stock, shares | 368,408 | ||||||||||||
Treasury stock, acquired and retired, at cost | (368,408) | ||||||||||||
Stock-based compensation | 1,566 | 1,566 | |||||||||||
Net loss | (20,402) | (20,402) | |||||||||||
Other comprehensive income (loss) | (576) | (576) | |||||||||||
Balance at Mar. 31, 2021 | 806,344 | 901,720 | (96,357) | 981 | |||||||||
Balance (in Shares) at Mar. 31, 2021 | 216,650,055 | 1,000,000 | |||||||||||
Balance at Dec. 31, 2021 | 745,997 | 909,985 | (162,803) | (1,185) | |||||||||
Balance (in Shares) at Dec. 31, 2021 | 216,948,568 | 1,000,000 | |||||||||||
Exercise of stock options, shares | 180,557 | ||||||||||||
Exercise of stock options | 314 | 314 | |||||||||||
Stock-based compensation | 3,577 | 3,577 | |||||||||||
Net loss | (21,293) | (21,293) | |||||||||||
Other comprehensive income (loss) | (5,032) | (5,032) | |||||||||||
Balance at Mar. 31, 2022 | $ 723,563 | $ 913,876 | $ (184,096) | $ (6,217) | |||||||||
Balance (in Shares) at Mar. 31, 2022 | 217,129,125 | 1,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (21,293) | $ (20,402) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Issuance of common stock | 3,787 | |
Stock-based compensation | 3,577 | 1,566 |
Depreciation and amortization | 46 | 30 |
Non-cash lease expense | 1 | 10 |
Change in fair value of warrant liability | (6,324) | 293 |
Net amortization on marketable securities | 1,771 | 628 |
Net loss (gain) on marketable securities | 214 | (45) |
Change in operating assets and liabilities (net of assets and liabilities acquired in the Merger) | ||
Prepaid expenses and other current assets | (4,199) | (3,913) |
Interest receivable on marketable securities | 546 | 77 |
Accounts payable | 5,748 | 3,940 |
Accrued expenses | (5,016) | (701) |
Net cash used in operating activities | (24,929) | (14,730) |
Cash flow from investing activities: | ||
Purchases of marketable securities | (131,669) | (24,513) |
Proceeds from sale of marketable securities | 126,125 | 23,542 |
Purchases of property and equipment | (7) | (114) |
Net cash (used in) provided by investing activities | (5,551) | (1,085) |
Cash flow from financing activities: | ||
Proceeds from the Merger, net of offering costs paid | 624,964 | |
Proceeds from exercises of options | 314 | |
Advance received from broker | 3,950 | |
Net cash provided by financing activities | 4,264 | 624,964 |
Net (decrease) increase in cash and cash equivalents | (26,216) | 609,149 |
Cash and cash equivalents, beginning of the period | 132,423 | 29,755 |
Cash and cash equivalents, end of the period | $ 106,207 | 638,904 |
Supplemental Cash Flow Elements [Abstract] | ||
Right-of-use assets recognized | 3,917 | |
Operating Lease Liabilities Recognized | 4,074 | |
Reclassification of deferred rent | (157) | |
Non-cash financing activity: | ||
Issuance of common stock for in-process research and development | $ 3,787 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Nuvation Bio Inc. and subsidiaries (“Nuvation Bio”), a Delaware corporation, is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio was incorporated on March 20, 2018 (inception date) and has offices in New York and San Francisco. On February 10, 2021, (the “Closing Date”), Nuvation Bio Inc., a Delaware corporation (“Legacy Nuvation Bio”), Panacea Acquisition Corp. (“Panacea”), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (“Merger Sub”) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 (“Merger Agreement”). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the “Merger”) and, collectively with the other transactions described in the Merger Agreement. On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the “Company” or “Nuvation Bio”). |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are considered necessary for a fair statement of the financial position of the Company as of March 31, 2022, the results of operations for the three months ended March 31, 2022 and 2021 and the cash flows for the three months ended March 31, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2021, which are included in the Company’s 10-K filed with the SEC on February 28, 2022. Liquidity As of March 31, 2022, the Company has an accumulated deficit of approximately $ 184.1 million and net cash used in operating activities was approximately $ 24.9 million for the three months ended March 31, 2022. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of March 31, 2022, the Company had cash, cash equivalents, and marketable securities of $ 737.7 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available. Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property. The COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, however this disruption, if sustained or recurrent, could have a material adverse effect on the Company’s operating results and the Company’s overall financial condition. Emerging Growth Company and Smaller Reporting Company Upon completion of the Merger, the Company was an Emerging Growth Company (“EGC”) and a Smaller Reporting Company ("SRC"), as such terms are defined in Rule 12b-2 under the Securities Exchange Act of 1934 as amended (the “Exchange Act”). Effective December 31, 2021, the Company ceased to be an EGC and an SRC as a result of becoming a Large Accelerated Filer as defined in Rule 12b-2. The Company ceased to report as an SRC commencing with this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk. Investment Securities Debt securities have been classified as available-for-sale which may be sold before maturity or are not classified as held to maturity or trading. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities, with readily determinable fair values are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss positions, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (s ee Note 3). Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities. Research and Development Costs Costs incurred in connection with research and development activities are expenses as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company. Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses and additional disclosures. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company is a smaller reporting company but ceased to report as a smaller reporting company commencing with this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. The new guidance clarifies that an entity that loses its smaller reporting company status after the issuance of this pronouncement should not be required to apply the earlier effective date of the new accounting guidance. The Company is currently evaluating the potential impact of adopting this guidance on its financial statements. |
Fair Value Measurements and Mar
Fair Value Measurements and Marketable Securities Available-for-Sale | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures And Available For Sale Securities [Abstract] | |
Fair Value Measurements and Marketable Securities Available for Sale | . Fair Value Measurements and Marketable Securities Available-for-Sale The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The following table presents information about the Company’s marketable securities as of March 31, 2022 and December 31, 2021 and the Warrant liability as of March 31, 2022 and December 31, 2021, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Nuvation public warrant pricing, Nuvation’s own historical volatility and the volatility of guideline public companies. There have not been any transfers between the levels during the periods. March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 39,188 $ 39,188 $ — $ — Commercial paper 5,996 — 5,996 — U.S. government securities 5,998 — 5,998 — 51,182 39,188 11,994 — Marketable securities: Certificate of deposits 8,304 — 8,304 — Commercial paper 34,543 — 34,543 — U.S. government and government agency securities 292,678 — 292,678 — Corporate bonds 285,704 — 285,704 — Municipal bonds 10,267 — 10,267 — 631,496 — 631,496 — Total financial assets: $ 682,678 $ 39,188 $ 643,490 $ — Financial liabilities: Warrants $ 4,713 $ 4,542 $ — $ 171 December 31, 2021 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 53,292 $ 53,292 $ — $ — Commercial paper 30,845 — 30,845 — Corporate bonds 571 — 571 — 84,708 53,292 31,416 — Marketable securities: Certificate of deposits 3,000 — 3,000 — Commercial paper 16,892 — 16,892 — U.S. government and government agency securities 267,267 — 267,267 — Corporate bonds 320,192 — 320,192 — Municipal bonds 10,821 — 10,821 — Exchange traded fund 14,797 14,797 — — 632,969 14,797 618,172 — Total financial assets: $ 717,677 $ 68,089 $ 649,588 $ — Financial liabilities: Warrants $ 11,037 $ 10,631 $ — $ 406 Marketable securities consist; U.S. government and government agency, certificate of deposits, commercial paper, corporate bond and municipal securities ("Debt Securities") and an exchange traded fund that primarily owns fixed income securities. Based on the Company’s intentions regarding its marketable securities, all Debt Securities are classified as available-for-sale and are carried at fair value based on the price that would be received upon sale of the security. The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2022 and December 31, 2021: March 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 39,188 $ — $ — $ 39,188 Commercial paper 5,994 2 — 5,996 U.S. government securities 5,997 1 — 5,998 51,179 3 — 51,182 Marketable securities: Certificate of deposits 8,338 2 ( 36 ) 8,304 Commercial paper 34,674 — ( 131 ) 34,543 U.S. government and government agency securities 295,251 56 ( 2,629 ) 292,678 Corporate bonds 289,115 21 ( 3,432 ) 285,704 Municipal bonds 10,338 — ( 71 ) 10,267 637,716 79 ( 6,299 ) 631,496 $ 688,895 $ 82 $ ( 6,299 ) $ 682,678 December 31, 2021 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 53,292 $ — $ — $ 53,292 Commercial paper 30,845 — — 30,845 Corporate bonds 571 — — 571 84,708 — — 84,708 Marketable securities: Certificate of deposits 3,000 — — 3,000 Commercial paper 16,889 3 — 16,892 U.S. government and government agency securities 267,792 213 ( 738 ) 267,267 Corporate bonds 320,827 147 ( 782 ) 320,192 Municipal bonds 10,849 — ( 28 ) 10,821 Exchange traded fund 14,963 — ( 166 ) 14,797 634,320 363 ( 1,714 ) 632,969 $ 719,028 $ 363 $ ( 1,714 ) $ 717,677 For the three months ended March 31, 2022 and 2021, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Three months ended March 31, 2022 2021 Net realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ 7 $ 45 Realized losses from sales of available-for-sale securities ( 50 ) — ( 43 ) 45 Net recognized gains (losses) on equity securities were as follows: Net realized losses on equities sold ( 337 ) — Net unrealized gains on equities 166 — ( 171 ) — Total (losses) gains on marketable securities $ ( 214 ) $ 45 The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 6,919 $ ( 36 ) $ — $ — $ 6,919 $ ( 36 ) Commercial paper 30,468 ( 131 ) — — 30,468 ( 131 ) U.S. government and government agency securities 191,918 ( 2,205 ) 12,082 ( 424 ) 204,000 ( 2,629 ) Corporate bonds 270,415 ( 3,316 ) 4,552 ( 116 ) 274,967 ( 3,432 ) Municipal bonds 10,267 ( 71 ) — — 10,267 ( 71 ) $ 509,987 $ ( 5,759 ) $ 16,634 $ ( 540 ) $ 526,621 $ ( 6,299 ) December 31, 2021 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ — $ — $ — $ — $ — $ — Commercial paper — — — — — — U.S. government and government agency securities 218,106 ( 738 ) — — 218,106 ( 738 ) Corporate bonds 201,481 ( 782 ) — — 201,481 ( 782 ) Municipal bonds 10,821 ( 28 ) — — 10,821 ( 28 ) Exchanged traded funds 14,798 ( 166 ) — — 14,798 ( 166 ) $ 445,206 $ ( 1,714 ) $ — $ — $ 445,206 $ ( 1,714 ) Unrealized losses from the marketable securities are primarily attributable to changes in interest rates. The Company does not believe the unrealized losses represents impairments because the unrealized losses on certain of the Company's marketable securities are due to general market factors. Maturity information based on fair value is as follows as of March 31, 2022: Within one year After one year Total (In thousands) Certificate of deposits $ 8,304 $ — $ 8,304 Commercial paper 34,543 — 34,543 U.S. government and government agency securities 221,518 71,160 292,678 Corporate bonds 200,785 84,919 285,704 Municipal bonds 9,290 977 10,267 $ 474,440 $ 157,056 $ 631,496 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 4. Leases Our principal executive office is located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027 , with an option for the Company to extend the lease for an additional five years which is not reasonably assured of exercise. We also occupy approximately 8,200 square feet of office space in San Francisco, California, under a lease that terminates in 2022 with no option to extend. Operating lease expense was $ 0.3 million and $ 0.3 million for the three months ended March 31, 2022 and 2021, respectively. Expense related to variable leases was no t significant for the three months ended March 31, 2022 and 2021. Operating cash flows for the three months ended March 31, 2022 and 2021 included $ 0.3 million and $ 0.3 m illion for operating leases, respectively. The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2022. March 31, 2022 (In thousands) 2022 (remaining 9 months) $ 700 2023 552 2024 599 2025 615 2026 and thereafter 711 Total undiscounted lease payments 3,177 Less: imputed interest ( 392 ) Total operating lease liabilities $ 2,785 The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.0 %. The Company's weighted average remaining lease term was 4.4 years as of March 31, 2022. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 5. Net Loss per Share As a result of the Merger, the Company has retroactively restated the weighted average shares outstanding prior to February 10, 2021 to give effect to the Exchange Ratio. Basic loss per share is computed by dividing net loss by the weighted-average number of shares of Class A and Class B common stock outstanding, but excluding shares of common stock subject to repurchase for the period. The number of common stock shares subject to repurchase was determined prospectively from the date of the Stock Restriction Agreement. Diluted loss per share reflects the potential dilution that could occur if the stock options to issue common stock were exercised. The Company had a net loss in all periods presented thus the dilutive net loss per common share is the same as the basic net loss per common share as the effect of any options or conversions is anti-dilutive. The earnings per share amounts are the same for the different classes of common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or liquidation. The following securities outstanding at March 31, 2022 and 2021 have been excluded from the calculation of weighted average shares outstanding: Three Months Ended March 31, 2022 2021 Class A common shares subject to repurchase 3,030,719 15,153,602 Warrants 5,787,472 5,787,472 Class A common stock options 19,553,396 10,233,201 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | . Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2022 and 2021, which is all attributable to unrealized gains (losses) on available-for-sale securities. All amounts are net of tax. 2022 2021 Balance at beginning of period $ ( 1,185 ) $ 1,557 Unrealized losses ( 5,075 ) ( 531 ) Amount reclassified for realized (gains) losses included in gain (loss) on marketable securities 43 ( 45 ) Balance at end of period $ ( 6,217 ) $ 981 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation The 2021 Equity Incentive Plan In March 2019, the Company adopted the 2019 Equity Incentive Plan or (“2019 Plan”), which provided for the grant of options, stock appreciation rights, restricted stock, and other stock awards. In January 2021, our board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Shares available for future issuance under the 2019 Plan were canceled. Awards. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), within the meaning of Section 422 of the Code to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of our affiliates. Authorized Shares. The maximum number of shares of Class A common stock reserved for issuance upon adoption of the 2021 Plan is 50,684,047 shares of Class A common stock. The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase. The maximum number of shares of Class A common stock that may be issued on the exercise of ISOs under the 2021 Plan is three times the number of shares available for issuance upon the 2021 Plan becoming effective or 152,052,141 shares. The Employee Stock Purchase Plan In January 2021, our board of directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Share Reserve. The maximum number of shares of Class A common stock reserved for issuance upon the adoption of the 2021 ESPP is 4,750,354 shares of Class A common stock. T he number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors. Shares subject to purchase rights granted under the 2021 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the 2021 ESPP. The stock-based compensation expense included in the Company’s condensed statement of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 1,555 $ 944 General and administrative 2,022 622 $ 3,577 $ 1,566 The following table summarizes stock option activity under the 2019 Plan and the 2021 Plan for the three months ended March 31, 2022. Shares Outstanding at December 31, 2021 11,216,275 Granted 9,245,588 Exercised ( 180,557 ) Forfeited ( 727,910 ) Outstanding at March 31, 2022 19,553,396 Exercisable at March 31, 2022 2,197,393 The weighted average exercise price of all outstanding options as of March 31, 2022 was $ 5.73 per share . |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Disclosure [Abstract] | |
Warrants | 8. Warrants Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants. Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. At March 31, 2022, there were an aggregate of 5,787,472 warrants outstanding. The Company concluded that the Public Warrants, Private Warrants and Forward Purchase Warrants do not meet the conditions to be classified in equity. The warrants were recorded at fair value with subsequent changes in fair value reflected in earnings (see Note 3). The change in fair value resulted in a gain of $ 6.3 million during the three months ended March 31, 2022. The fair value of Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market and the related Warrant Liability is included in Level 1 fair value measurements. The Company utilizes the Black-Scholes option pricing formula to determine the fair value of the Private Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability for the Private Warrants is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The annualized volatility of the Warrant was based on a calibration to the publicly traded warrant price as of the valuation date. The risk-free interest rate was estimated using linear interpolation assuming a term consistent with the time until the warrants expire, and yield information was based on U.S. Treasury Constant Maturities. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The aforementioned warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels 1, 2 or 3 during the period ended March 31, 2022 . The following table provides quantitative assumptions regarding Level 3 fair value measurements: March 31, 2022 December 31, 2021 Stock price $ 5.26 $ 8.50 Strike price $ 11.50 $ 11.50 Term (in years) 3.9 4.1 Volatility 52.0 % 47.8 % Risk-free rate 2.4 % 1.1 % Dividend yield 0.0 % 0.0 % The Company determined the following fair values for the outstanding warrants (in thousands): March 31, Public Warrants $ 3,869 Private Placement Warrants 171 Forward Purchase Warrants 673 Total $ 4,713 The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Beginning balance $ 406 Change in fair value of Private Warrants liability recognized in earnings ( 235 ) Ending balance $ 171 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . Commitments and Contingencies Commitments The Company leases its office space under non-cancellable operating lease agreements. This lease also requires the Company to pay real estate taxes and other operational expenses associated with the leased location and is included in rent expense. The effect of graduating rents, net of the rent credits, is being amortized over the life of the lease so as to result in equal monthly rent expense over the lease term. Deferred rent liability reported in the accompanying consolidated balance sheets represents the cumulative excess of straight-line rental costs over the actual rental payments. The Company has a standby letter of credit with a bank in the amount of $ 0.5 million which serves as security for the New York space operating lease. The standby letter of credit automatically renews annually . Contingencies From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party, for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are considered necessary for a fair statement of the financial position of the Company as of March 31, 2022, the results of operations for the three months ended March 31, 2022 and 2021 and the cash flows for the three months ended March 31, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2021, which are included in the Company’s 10-K filed with the SEC on February 28, 2022. |
Liquidity | Liquidity As of March 31, 2022, the Company has an accumulated deficit of approximately $ 184.1 million and net cash used in operating activities was approximately $ 24.9 million for the three months ended March 31, 2022. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of March 31, 2022, the Company had cash, cash equivalents, and marketable securities of $ 737.7 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property. The COVID-19 pandemic has not had a material adverse impact on the Company’s operations to date, however this disruption, if sustained or recurrent, could have a material adverse effect on the Company’s operating results and the Company’s overall financial condition. |
Emerging Growth Company and Smaller Reporting Company | Emerging Growth Company and Smaller Reporting Company Upon completion of the Merger, the Company was an Emerging Growth Company (“EGC”) and a Smaller Reporting Company ("SRC"), as such terms are defined in Rule 12b-2 under the Securities Exchange Act of 1934 as amended (the “Exchange Act”). Effective December 31, 2021, the Company ceased to be an EGC and an SRC as a result of becoming a Large Accelerated Filer as defined in Rule 12b-2. The Company ceased to report as an SRC commencing with this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk. |
Investment Securities | Investment Securities Debt securities have been classified as available-for-sale which may be sold before maturity or are not classified as held to maturity or trading. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities, with readily determinable fair values are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss positions, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. |
Warrants | Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (s ee Note 3). |
Leases | Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. |
Segment Information | Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities. |
Research and Development Costs | Research and Development Costs Costs incurred in connection with research and development activities are expenses as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company. |
Stock-based Compensation | Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses and additional disclosures. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company is a smaller reporting company but ceased to report as a smaller reporting company commencing with this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. The new guidance clarifies that an entity that loses its smaller reporting company status after the issuance of this pronouncement should not be required to apply the earlier effective date of the new accounting guidance. The Company is currently evaluating the potential impact of adopting this guidance on its financial statements. |
Fair Value Measurements and M_2
Fair Value Measurements and Marketable Securities Available-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures And Available For Sale Securities [Abstract] | |
Schedule of Marketable securities Measured at Fair Value on Recurring Basis | There have not been any transfers between the levels during the periods. March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 39,188 $ 39,188 $ — $ — Commercial paper 5,996 — 5,996 — U.S. government securities 5,998 — 5,998 — 51,182 39,188 11,994 — Marketable securities: Certificate of deposits 8,304 — 8,304 — Commercial paper 34,543 — 34,543 — U.S. government and government agency securities 292,678 — 292,678 — Corporate bonds 285,704 — 285,704 — Municipal bonds 10,267 — 10,267 — 631,496 — 631,496 — Total financial assets: $ 682,678 $ 39,188 $ 643,490 $ — Financial liabilities: Warrants $ 4,713 $ 4,542 $ — $ 171 December 31, 2021 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 53,292 $ 53,292 $ — $ — Commercial paper 30,845 — 30,845 — Corporate bonds 571 — 571 — 84,708 53,292 31,416 — Marketable securities: Certificate of deposits 3,000 — 3,000 — Commercial paper 16,892 — 16,892 — U.S. government and government agency securities 267,267 — 267,267 — Corporate bonds 320,192 — 320,192 — Municipal bonds 10,821 — 10,821 — Exchange traded fund 14,797 14,797 — — 632,969 14,797 618,172 — Total financial assets: $ 717,677 $ 68,089 $ 649,588 $ — Financial liabilities: Warrants $ 11,037 $ 10,631 $ — $ 406 |
Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale | The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2022 and December 31, 2021: March 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 39,188 $ — $ — $ 39,188 Commercial paper 5,994 2 — 5,996 U.S. government securities 5,997 1 — 5,998 51,179 3 — 51,182 Marketable securities: Certificate of deposits 8,338 2 ( 36 ) 8,304 Commercial paper 34,674 — ( 131 ) 34,543 U.S. government and government agency securities 295,251 56 ( 2,629 ) 292,678 Corporate bonds 289,115 21 ( 3,432 ) 285,704 Municipal bonds 10,338 — ( 71 ) 10,267 637,716 79 ( 6,299 ) 631,496 $ 688,895 $ 82 $ ( 6,299 ) $ 682,678 December 31, 2021 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 53,292 $ — $ — $ 53,292 Commercial paper 30,845 — — 30,845 Corporate bonds 571 — — 571 84,708 — — 84,708 Marketable securities: Certificate of deposits 3,000 — — 3,000 Commercial paper 16,889 3 — 16,892 U.S. government and government agency securities 267,792 213 ( 738 ) 267,267 Corporate bonds 320,827 147 ( 782 ) 320,192 Municipal bonds 10,849 — ( 28 ) 10,821 Exchange traded fund 14,963 — ( 166 ) 14,797 634,320 363 ( 1,714 ) 632,969 $ 719,028 $ 363 $ ( 1,714 ) $ 717,677 |
Schedule of Net Realized Gain (Loss) on Marketable Securities | For the three months ended March 31, 2022 and 2021, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Three months ended March 31, 2022 2021 Net realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ 7 $ 45 Realized losses from sales of available-for-sale securities ( 50 ) — ( 43 ) 45 Net recognized gains (losses) on equity securities were as follows: Net realized losses on equities sold ( 337 ) — Net unrealized gains on equities 166 — ( 171 ) — Total (losses) gains on marketable securities $ ( 214 ) $ 45 |
Schedule of Marketable Securities with Continuous Unrealized Losses | The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 6,919 $ ( 36 ) $ — $ — $ 6,919 $ ( 36 ) Commercial paper 30,468 ( 131 ) — — 30,468 ( 131 ) U.S. government and government agency securities 191,918 ( 2,205 ) 12,082 ( 424 ) 204,000 ( 2,629 ) Corporate bonds 270,415 ( 3,316 ) 4,552 ( 116 ) 274,967 ( 3,432 ) Municipal bonds 10,267 ( 71 ) — — 10,267 ( 71 ) $ 509,987 $ ( 5,759 ) $ 16,634 $ ( 540 ) $ 526,621 $ ( 6,299 ) December 31, 2021 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ — $ — $ — $ — $ — $ — Commercial paper — — — — — — U.S. government and government agency securities 218,106 ( 738 ) — — 218,106 ( 738 ) Corporate bonds 201,481 ( 782 ) — — 201,481 ( 782 ) Municipal bonds 10,821 ( 28 ) — — 10,821 ( 28 ) Exchanged traded funds 14,798 ( 166 ) — — 14,798 ( 166 ) $ 445,206 $ ( 1,714 ) $ — $ — $ 445,206 $ ( 1,714 ) |
Schedule Of Available for sale Securities Maturity On Fair Value | Maturity information based on fair value is as follows as of March 31, 2022: Within one year After one year Total (In thousands) Certificate of deposits $ 8,304 $ — $ 8,304 Commercial paper 34,543 — 34,543 U.S. government and government agency securities 221,518 71,160 292,678 Corporate bonds 200,785 84,919 285,704 Municipal bonds 9,290 977 10,267 $ 474,440 $ 157,056 $ 631,496 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments | The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2022. March 31, 2022 (In thousands) 2022 (remaining 9 months) $ 700 2023 552 2024 599 2025 615 2026 and thereafter 711 Total undiscounted lease payments 3,177 Less: imputed interest ( 392 ) Total operating lease liabilities $ 2,785 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding | The following securities outstanding at March 31, 2022 and 2021 have been excluded from the calculation of weighted average shares outstanding: Three Months Ended March 31, 2022 2021 Class A common shares subject to repurchase 3,030,719 15,153,602 Warrants 5,787,472 5,787,472 Class A common stock options 19,553,396 10,233,201 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income | 2022 2021 Balance at beginning of period $ ( 1,185 ) $ 1,557 Unrealized losses ( 5,075 ) ( 531 ) Amount reclassified for realized (gains) losses included in gain (loss) on marketable securities 43 ( 45 ) Balance at end of period $ ( 6,217 ) $ 981 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | The stock-based compensation expense included in the Company’s condensed statement of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 1,555 $ 944 General and administrative 2,022 622 $ 3,577 $ 1,566 |
Summary of Stock Option Activity under 2019 Plan and 2021 Plan | The following table summarizes stock option activity under the 2019 Plan and the 2021 Plan for the three months ended March 31, 2022. Shares Outstanding at December 31, 2021 11,216,275 Granted 9,245,588 Exercised ( 180,557 ) Forfeited ( 727,910 ) Outstanding at March 31, 2022 19,553,396 Exercisable at March 31, 2022 2,197,393 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Disclosure [Abstract] | |
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements | The following table provides quantitative assumptions regarding Level 3 fair value measurements: March 31, 2022 December 31, 2021 Stock price $ 5.26 $ 8.50 Strike price $ 11.50 $ 11.50 Term (in years) 3.9 4.1 Volatility 52.0 % 47.8 % Risk-free rate 2.4 % 1.1 % Dividend yield 0.0 % 0.0 % |
Schedule of Fair Values for Outstanding Warrants | The Company determined the following fair values for the outstanding warrants (in thousands): March 31, Public Warrants $ 3,869 Private Placement Warrants 171 Forward Purchase Warrants 673 Total $ 4,713 |
Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy | The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Beginning balance $ 406 Change in fair value of Private Warrants liability recognized in earnings ( 235 ) Ending balance $ 171 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Merger Agreement [Member] | |
Business Acquisition [Line Items] | |
Agreement Date | Oct. 20, 2020 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accumulated deficit | $ (184,096) | $ (162,803) | |
Net cash used in operating activities | $ (24,929) | $ (14,730) | |
Sale of Stock, Description of Transaction | the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. | ||
Cash and cash equivalents and marketable securities | $ 737,700 | ||
Warrants to purchase common stock outstanding | 5,787,472 | ||
Class of warrant or right, exercise price of warrants or rights | $ 11.50 | ||
Public Warrants [Member] | |||
Warrants to purchase common stock outstanding | 4,791,639 | ||
Private Placement Warrants [Member] | |||
Warrants to purchase common stock outstanding | 162,500 | ||
Forward Purchase Warrants [Member] | |||
Warrants to purchase common stock outstanding | 833,333 | ||
Computer Equipment [Member] | |||
Property and equipment, estimated useful life | 5 years | ||
Furniture and Equipment [Member] | |||
Property and equipment, estimated useful life | 7 years |
Merger - Additional Information
Merger - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Stock issued during the period, value | $ (3,787) | ||
Common stock and additional paid in capital, shares issued | 218,129,125 | 217,948,568 | |
Class A Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Shares issued, price per share | $ 11.50 | ||
Common stock and additional paid in capital, shares issued | 217,129,125 | 216,948,568 | |
Class B Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Common stock and additional paid in capital, shares issued | 1,000,000 | 1,000,000 |
Fair Value Measurements and M_3
Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Marketable securities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash equivalents: | ||
Cash equivalents | $ 51,182 | $ 84,708 |
Marketable securities: | ||
Marketable securities | 631,496 | 632,969 |
Total financial assets | 682,678 | 717,677 |
Financial liabilities: | ||
Warrants | 4,713 | 11,037 |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 39,188 | 53,292 |
Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash equivalents | 5,996 | 30,845 |
Marketable securities: | ||
Marketable securities | 34,543 | 16,892 |
U.S. Government Securities [Member] | ||
Cash equivalents: | ||
Cash equivalents | 5,998 | |
Certificate of deposits [Member] | ||
Marketable securities: | ||
Marketable securities | 8,304 | 3,000 |
Corporate Bonds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 571 | |
Marketable securities: | ||
Marketable securities | 285,704 | 320,192 |
U.S. Government And Government Agency Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 292,678 | 267,267 |
Municipal Bonds [Member] | ||
Marketable securities: | ||
Marketable securities | 10,267 | 10,821 |
Exchange Traded Funds [Member] | ||
Marketable securities: | ||
Marketable securities | 14,797 | |
Level 1 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 39,188 | 53,292 |
Marketable securities: | ||
Marketable securities | 0 | 14,797 |
Total financial assets | 39,188 | 68,089 |
Financial liabilities: | ||
Warrants | 4,542 | 10,631 |
Level 1 [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 39,188 | 53,292 |
Level 1 [Member] | Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Level 1 [Member] | Certificate of deposits [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 1 [Member] | U.S. Government And Government Agency Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 1 [Member] | Municipal Bonds [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Marketable securities: | ||
Marketable securities | 14,797 | |
Level 2 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 11,994 | 31,416 |
Marketable securities: | ||
Marketable securities | 631,496 | 618,172 |
Total financial assets | 643,490 | 649,588 |
Financial liabilities: | ||
Warrants | 0 | 0 |
Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash equivalents | 5,996 | 30,845 |
Marketable securities: | ||
Marketable securities | 34,543 | 16,892 |
Level 2 [Member] | U.S. Government Securities [Member] | ||
Cash equivalents: | ||
Cash equivalents | 5,998 | |
Level 2 [Member] | Certificate of deposits [Member] | ||
Marketable securities: | ||
Marketable securities | 8,304 | 3,000 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 571 | |
Marketable securities: | ||
Marketable securities | 285,704 | 320,192 |
Level 2 [Member] | U.S. Government And Government Agency Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 292,678 | 267,267 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Marketable securities: | ||
Marketable securities | 10,267 | 10,821 |
Level 2 [Member] | Exchange Traded Funds [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | |
Level 3 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Warrants | 171 | 406 |
Level 3 [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Level 3 [Member] | Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 3 [Member] | U.S. Government Securities [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Level 3 [Member] | Certificate of deposits [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | |
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 3 [Member] | U.S. Government And Government Agency Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 0 | 0 |
Level 3 [Member] | Municipal Bonds [Member] | ||
Marketable securities: | ||
Marketable securities | $ 0 | 0 |
Level 3 [Member] | Exchange Traded Funds [Member] | ||
Marketable securities: | ||
Marketable securities | $ 0 |
Fair Value Measurements and M_4
Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 688,895 | $ 719,028 |
Unrealized Gains | 82 | 363 |
Unrealized Losses | (6,299) | (1,714) |
Fair Value | 682,678 | 717,677 |
Cash Equivalents [Member] | ||
Amortized Cost | 51,179 | 84,708 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 51,182 | 84,708 |
Marketable securities [Member] | ||
Amortized Cost | 637,716 | 634,320 |
Unrealized Gains | 79 | 363 |
Unrealized Losses | (6,299) | (1,714) |
Fair Value | 631,496 | 632,969 |
Money Market Funds [Member] | Cash Equivalents [Member] | ||
Amortized Cost | 39,188 | 53,292 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 39,188 | 53,292 |
Certificate of deposits [Member] | Marketable securities [Member] | ||
Amortized Cost | 8,338 | 3,000 |
Unrealized Gains | 2 | |
Unrealized Losses | (36) | 0 |
Fair Value | 8,304 | 3,000 |
Commercial Paper [Member] | Cash Equivalents [Member] | ||
Amortized Cost | 5,994 | 30,845 |
Unrealized Gains | 2 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 5,996 | 30,845 |
Commercial Paper [Member] | Marketable securities [Member] | ||
Amortized Cost | 34,674 | 16,889 |
Unrealized Gains | 0 | 3 |
Unrealized Losses | (131) | 0 |
Fair Value | 34,543 | 16,892 |
U.S. Government Securities [Member] | Cash Equivalents [Member] | ||
Amortized Cost | 5,997 | |
Unrealized Gains | 1 | |
Unrealized Losses | 0 | |
Fair Value | 5,998 | |
U.S. Government And Government Agency Securities [Member] | Marketable securities [Member] | ||
Amortized Cost | 295,251 | 267,792 |
Unrealized Gains | 56 | 213 |
Unrealized Losses | (2,629) | (738) |
Fair Value | 292,678 | 267,267 |
Corporate Bonds [Member] | Cash Equivalents [Member] | ||
Amortized Cost | 571 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 571 | |
Corporate Bonds [Member] | Marketable securities [Member] | ||
Amortized Cost | 289,115 | 320,827 |
Unrealized Gains | 21 | 147 |
Unrealized Losses | (3,432) | (782) |
Fair Value | 285,704 | 320,192 |
Municipal Bonds [Member] | Marketable securities [Member] | ||
Amortized Cost | 10,338 | 10,849 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (71) | (28) |
Fair Value | $ 10,267 | 10,821 |
Exchange Traded Funds [Member] | Marketable securities [Member] | ||
Amortized Cost | 14,963 | |
Unrealized Gains | 0 | |
Unrealized Losses | (166) | |
Fair Value | $ 14,797 |
Fair Value Measurements and M_5
Fair Value Measurements and Marketable Securities Available for Sale - Schedule of Net Realized Gain (Loss) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net realized gains (losses) on available-for-sale securities were as follows: | ||
Realized gains from sales of available-for-sale securities | $ 7 | $ 45 |
Realized losses from sales of available-for-sale securities | (50) | 0 |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | (43) | 45 |
Net recognized gains (losses) on equity securities were as follows: | ||
Net realized losses on equities sold | (337) | 0 |
Net realized gains on equities sold | 166 | 0 |
Equity Securities, FV-NI, Gain (Loss), Total | (171) | 0 |
Marketable Securities, Gain (Loss), Total | $ (214) | $ 45 |
Fair Value Measurements and M_6
Fair Value Measurements and Marketable Securities Available for Sale - Schedule of Marketable Securities with Continuous Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Less than 12 Months, Fair Value | $ 509,987 | $ 445,206 |
Less than 12 Months, Unrealized Losses | (5,759) | (1,714) |
12 Months or Greater, Fair Value | 16,634 | 0 |
12 Months or Greater, Unrealized Losses | (540) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 526,621 | 445,206 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 6,299 | 1,714 |
Certificate of deposits [Member] | ||
Less than 12 Months, Fair Value | 6,919 | 0 |
Less than 12 Months, Unrealized Losses | (36) | 0 |
12 Months or Greater, Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 6,919 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 36 | 0 |
Commercial Paper [Member] | ||
Less than 12 Months, Fair Value | 30,468 | 0 |
Less than 12 Months, Unrealized Losses | (131) | 0 |
12 Months or Greater, Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 30,468 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 131 | 0 |
U.S. Government And Government Agency Securities [Member] | ||
Less than 12 Months, Fair Value | 191,918 | 218,106 |
Less than 12 Months, Unrealized Losses | (2,205) | (738) |
12 Months or Greater, Fair Value | 12,082 | 0 |
12 Months or Greater, Unrealized Losses | (424) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 204,000 | 218,106 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2,629 | 738 |
Corporate Bonds [Member] | ||
Less than 12 Months, Fair Value | 270,415 | 201,481 |
Less than 12 Months, Unrealized Losses | (3,316) | (782) |
12 Months or Greater, Fair Value | 4,552 | 0 |
12 Months or Greater, Unrealized Losses | (116) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 274,967 | 201,481 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,432 | 782 |
Municipal Bonds [Member] | ||
Less than 12 Months, Fair Value | 10,267 | 10,821 |
Less than 12 Months, Unrealized Losses | (71) | (28) |
12 Months or Greater, Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 10,267 | 10,821 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 71 | 28 |
Exchange Traded Funds [Member] | ||
Less than 12 Months, Fair Value | 14,798 | |
Less than 12 Months, Unrealized Losses | (166) | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 14,798 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 166 |
Fair Value Measurements and M_7
Fair Value Measurements and Marketable Securities Available For Sale - Schedule Of Available for sale Securities Maturity on Fair Value (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Due With in one year, Amortized Cost | $ 474,440 |
Due after one year through five years, Amortized Cost | 157,056 |
Total, Amortized Cost | 631,496 |
Certificate of deposits [Member] | |
Due With in one year, Amortized Cost | 8,304 |
Due after one year through five years, Amortized Cost | 0 |
Total, Amortized Cost | 8,304 |
Commercial Paper [Member] | |
Due With in one year, Amortized Cost | 34,543 |
Due after one year through five years, Amortized Cost | 0 |
Total, Amortized Cost | 34,543 |
U.S. Government And Government Agency Securities [Member] | |
Due With in one year, Amortized Cost | 221,518 |
Due after one year through five years, Amortized Cost | 71,160 |
Total, Amortized Cost | 292,678 |
Corporate Bonds [Member] | |
Due With in one year, Amortized Cost | 200,785 |
Due after one year through five years, Amortized Cost | 84,919 |
Total, Amortized Cost | 285,704 |
Municipal Bonds [Member] | |
Due With in one year, Amortized Cost | 9,290 |
Due after one year through five years, Amortized Cost | 977 |
Total, Amortized Cost | $ 10,267 |
Leases - Schedule of Aggregate
Leases - Schedule of Aggregate Lease Payments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 (remaining 9 months) | $ 700 |
2023 | 552 |
2024 | 599 |
2025 | 615 |
2026 and thereafter | 711 |
Total undiscounted lease payments | 3,177 |
Less: imputed interest | (392) |
Total operating lease liabilities | $ 2,785 |
Leases - (Additional Informatio
Leases - (Additional Information) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)ft² | Mar. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Expense | $ 300 | $ 300 |
Variable Lease Expenses | 0 | 0 |
Operating Leases | $ 300 | $ 300 |
Weighted Average Discount Rate Percent | 6.00% | |
Weighted Average Remaining Lease Term | 4 years 4 months 24 days | |
New York City [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Area of Office Space | ft² | 7,900 | |
Lease Additional Term | 5 years | |
Lease Existence Of Option To Extend | true | |
Lessee Operating Lease Expiration Year | 2027 | |
San Francisco [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Area of Office Space | ft² | 8,200 | |
Lease Existence Of Option To Extend | false | |
Lessee Operating Lease Expiration Year | 2022 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class A Common Shares Subject to Repurchase [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities outstanding excluded from calculation of weighted average shares outstanding | 3,030,719 | 15,153,602 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities outstanding excluded from calculation of weighted average shares outstanding | 5,787,472 | 5,787,472 |
Class A Common Stock Options {Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities outstanding excluded from calculation of weighted average shares outstanding | 19,553,396 | 10,233,201 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | ||
Balance at beginning of period | $ (1,185) | $ 1,557 |
Unrealized gain | (5,075) | 531 |
Amount reclassified for (gains) losses included in gain (loss) on marketable securities | 43 | (45) |
Balance at end of period | $ (6,217) | $ 981 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | $ 5.73 |
2021 Equity Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock outstanding or issuable, percentage | 4.00% |
Share-based compensation arrangement by share-based payment award, description | The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase. |
2021 Equity Incentive Plan [Member] | Maximum [Member] | Class A Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common shares issuable under the plan (in shares) | 50,684,047 |
Number of shares available for issuance | 152,052,141 |
Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock outstanding or issuable, percentage | 1.00% |
Share-based compensation arrangement by share-based payment award, description | he number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors. |
Employee Stock Purchase Plan [Member] | Maximum [Member] | Class A Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common shares issuable under the plan (in shares) | 4,750,354 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 3,577 | $ 1,566 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,555 | 944 |
General and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,022 | $ 622 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity under 2019 Plan and 2021 plan (Details) - 2021 and 2019 Equity Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2022shares | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Number of share option outstanding, Beginning balance | 11,216,275 |
Number of share option, Granted | 9,245,588 |
Number of share option, Exercised | 180,557 |
Number of share option, Forfeited | 727,910 |
Number of share option outstanding, Ending balance | 19,553,396 |
Number of share option exercisable, Ending balance | 2,197,393 |
Warrants - Additional Informati
Warrants - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock outstanding | 5,787,472 |
Change in Fair Value, Gain (Loss) | $ | $ 6.3 |
Fair Value Transfers, Description | There were no transfers between Levels 1, 2 or 3 during the period ended March 31, 2022 |
Public Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock outstanding | 4,791,639 |
Private Placement Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock outstanding | 162,500 |
Forward Purchase Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock outstanding | 833,333 |
Class A Common Stock [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock outstanding | 5,787,472 |
Aggregate warrants outstanding | 5,787,472 |
Shares issued, price per share | $ / shares | $ 11.50 |
Warrants - Schedule of Quantita
Warrants - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | |||
Fair value of Warrants | $ (6,324) | $ 293 | |
Level 3 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Share Price | $ 5.26 | $ 8.50 | |
Strike price | $ 11.50 | $ 11.50 | |
Expected term in years | 3 years 10 months 24 days | 4 years 1 month 6 days | |
Expected volatility | 52.00% | 47.80% | |
Risk-free interest rate | 2.40% | 1.10% | |
Dividend | 0.00% | 0.00% |
Warrants - Schedule of Fair Val
Warrants - Schedule of Fair Values for Outstanding Warrants (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Class Of Warrant Or Right [Line Items] | |
Fair values of outstanding warrants | $ 4,713 |
Public Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Fair values of outstanding warrants | 3,869 |
Private Placement Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Fair values of outstanding warrants | 171 |
Forward Purchase Warrants | |
Class Of Warrant Or Right [Line Items] | |
Fair values of outstanding warrants | $ 673 |
Warrants - Summary of Changes i
Warrants - Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Warrants and Rights Note Disclosure [Abstract] | |
Beginning balance | $ 406 |
Change in fair value of Private Warrants liability recognized in earnings | (235) |
Ending balance | $ 171 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Standby Letter of Credit [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Loss Contingencies [Line Items] | |
Letter of Credit, Amount | $ 0.5 |
Line of credit facility, frequency of commitment fee payment | annually |