Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.22.2.2
Fair Value Measurement (Tables)
6 Months Ended
Jul. 03, 2022
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured at Fair Value on Recurring Basis The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of July 3, 2022 and January 2, 2022 (in thousands).
Fair Value Measurement using
Level 1 Level 2 Level 3 Total
Fair Value
As of July 3, 2022
Assets:
Money Market Funds $ 384,146  $ —  $ —  $ 384,146 
Liabilities:
Private Placement Warrants $ —  $ —  $ 30,060  $ 30,060 
As of January 2, 2022
Liabilities:    
Private Placement Warrants $ —  $ —  $ 124,260  $ 124,260 
Schedule of Changes in Fair Value for Level 3 The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows (in thousands):
Private Placement Warrants
Fair value as of January 2, 2022
$ 124,260 
Change in fair value (94,200)
Fair value as of July 3, 2022
$ 30,060 
Convertible
Preferred Stock
Warrants
Fair value as of December 31, 2020
$ 15,995 
Settlements (20,776)
Change in fair value 4,781 
Fair value as of June 30, 2021
$ — 
Schedule of Key Assumptions for Determining Fair Value of Convertible Preferred Stock Warrants and Common Stock Warrants
The following table summarizes the key assumptions used for determining the fair value of convertible preferred stock warrants and common stock warrants.
Private Placement Warrants Outstanding as of July 3, 2022 Private Placement Warrants Outstanding as of January 2, 2022 Convertible
Preferred Stock
Warrants
Exercised
on February 22,
2021
Expected term (in years) 4.0 4.5
2.5 - 4.1
Expected volatility 85.0% 77.5% 75.0%
Risk-free interest rate 2.9% 1.2%
0.2% - 0.4%
Expected dividend rate 0.0% 0.0% 0.0%