FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2021 |
Dec. 31, 2020 |
| FAIR VALUE MEASUREMENTS |
|
|
| Schedule of financial assets measured at fair value on a recurring basis |
The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
|
Quoted Prices in |
|
Significant |
|
|
|
|
|
|
|
|
Active Markets |
|
Other |
|
Significant |
|
|
|
|
|
for Identical |
|
Observable |
|
Unobservable |
|
|
|
|
|
Items |
|
Inputs |
|
Inputs |
|
|
|
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
Total |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
413,089 |
|
$ |
— |
|
$ |
— |
|
$ |
413,089 |
Commercial paper |
|
|
— |
|
|
89,835 |
|
|
— |
|
|
89,835 |
Corporate bonds |
|
|
— |
|
|
61,012 |
|
|
— |
|
|
61,012 |
U.S. Treasury securities |
|
|
5,000 |
|
|
— |
|
|
— |
|
|
5,000 |
Other investments |
|
|
— |
|
|
— |
|
|
3,025 |
|
|
3,025 |
Total assets |
|
$ |
418,089 |
|
$ |
150,847 |
|
$ |
3,025 |
|
$ |
571,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
Quoted Prices in |
|
Significant |
|
|
|
|
|
|
|
|
Active Markets |
|
Other |
|
Significant |
|
|
|
|
|
for Identical |
|
Observable |
|
Unobservable |
|
|
|
|
|
Items |
|
Inputs |
|
Inputs |
|
|
|
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
Total |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
407,512 |
|
$ |
— |
|
$ |
— |
|
$ |
407,512 |
Commercial paper |
|
|
— |
|
|
119,285 |
|
|
— |
|
|
119,285 |
Corporate bonds |
|
|
— |
|
|
47,959 |
|
|
— |
|
|
47,959 |
U.S. Treasury securities |
|
|
19,997 |
|
|
— |
|
|
— |
|
|
19,997 |
Other investments |
|
|
— |
|
|
— |
|
|
3,000 |
|
|
3,000 |
Total assets |
|
$ |
427,509 |
|
$ |
167,244 |
|
$ |
3,000 |
|
$ |
597,753 |
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Private placement warrants |
|
$ |
— |
|
$ |
— |
|
$ |
93,328 |
|
$ |
93,328 |
Total liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
93,328 |
|
$ |
93,328 |
|
|
| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
|
The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
(as restated) |
|
|
Quoted Prices in |
|
Significant |
|
|
|
|
|
|
|
|
Active Markets |
|
Other |
|
Significant |
|
|
|
|
|
for Identical |
|
Observable |
|
Unobservable |
|
|
|
|
|
Items |
|
Inputs |
|
Inputs |
|
|
|
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
Total |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
407,512 |
|
$ |
— |
|
$ |
— |
|
$ |
407,512 |
Commercial paper |
|
|
— |
|
|
119,285 |
|
|
— |
|
|
119,285 |
Corporate bonds |
|
|
— |
|
|
47,959 |
|
|
— |
|
|
47,959 |
U.S. Treasury securities |
|
|
19,997 |
|
|
— |
|
|
— |
|
|
19,997 |
Other investments |
|
|
— |
|
|
— |
|
|
3,000 |
|
|
3,000 |
Total assets |
|
$ |
427,509 |
|
$ |
167,244 |
|
$ |
3,000 |
|
$ |
597,753 |
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Private placement warrants |
|
$ |
— |
|
$ |
— |
|
$ |
93,328 |
|
$ |
93,328 |
Total liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
93,328 |
|
$ |
93,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
Quoted Prices in |
|
Significant |
|
|
|
|
|
|
|
|
Active Markets |
|
Other |
|
Significant |
|
|
|
|
|
for Identical |
|
Observable |
|
Unobservable |
|
|
|
|
|
Items |
|
Inputs |
|
Inputs |
|
|
|
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
Total |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
40,454 |
|
$ |
— |
|
$ |
— |
|
$ |
40,454 |
Commercial paper |
|
|
— |
|
|
19,938 |
|
|
— |
|
|
19,938 |
Corporate bonds |
|
|
— |
|
|
48,010 |
|
|
— |
|
|
48,010 |
Asset‑backed securities |
|
|
— |
|
|
16,806 |
|
|
— |
|
|
16,806 |
Repurchase agreements |
|
|
— |
|
|
25,001 |
|
|
— |
|
|
25,001 |
Total assets |
|
$ |
40,454 |
|
$ |
109,755 |
|
$ |
— |
|
$ |
150,209 |
|
| Schedule of Level 3 assets measured at fair value |
The following table presents information about the Company’s movement in Level 3 assets measured at fair value (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Balance at beginning of period |
|
$ |
3,000 |
|
$ |
— |
Changes in fair value |
|
|
25 |
|
|
— |
Balance at end of period |
|
$ |
3,025 |
|
$ |
— |
|
The following table presents information about the Company’s movement in Level 3 assets measured at fair value (in thousands):
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
Balance at beginning of year |
|
$ |
— |
|
$ |
— |
Additions |
|
|
3,000 |
|
|
— |
Balance at end of year |
|
$ |
3,000 |
|
$ |
— |
|
| Schedule of Movement in Level 3 liabilities measured at fair value |
The following table presents information about the Company’s movement in Level 3 liabilities measured at fair value (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Balance at beginning of period |
|
$ |
93,328 |
|
$ |
— |
Changes in fair value |
|
|
56,576 |
|
|
— |
Exercise of private placement warrants |
|
|
(149,904) |
|
|
— |
Balance at end of period |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
2020
(as restated) |
|
2019 |
Balance at beginning of year |
|
$ |
— |
|
$ |
— |
Warrant liability assumed |
|
|
149,745 |
|
|
|
Change in fair value of warrant liability |
|
|
(56,417) |
|
|
|
Balance at end of year |
|
$ |
93,328 |
|
$ |
— |
|